Question

Refer to the Whole Foods Market Inc. financial information from E12-28. Prepare a forecast of its FY2017 statement of cash flows.

WHOLE FOODS MARKET INC.
Consolidated Statements of Operations
Fiscal Years Ended (in millions)					2017 Est.	2016 Actual
Sales					$15,881	$15,724
Cost of goods sold and occupancy costs					10,418	10,313
Gross profit					5,463	5,411
Selling, general and administrative expenses					4,526	4,477
Pre-opening expenses					64	64
Relocation, store closures, & lease termination costs					-	13
Operating income					873	857
Interest expense					(41)	(41)
Investment and other income					11	11
Income before income taxes					843	827
Provision for income taxes					312	320
Net income					$531	$507

WHOLE FOODS MARKET INC.
Consolidated Statements of Operations
($ millions)					2017 Est.	2016 Actual
Assets
Current assets
Cash and cash equivalents					$206	$351
Short-term investments					379	379
Restricted cash					122	122
Accounts receivable					286	242
Merchandise inventories					524	517
Prepaid expenses and other current assets					175	167
Deferred income taxes					206	197
Total current assets					1,898	1,975
Property and equipment, net					3,720	3,442
Long-term investments					-	-
Goodwill					710	710
Intangible assets, net					68	74
Deferred income taxes					95	100
Other assets					40	40
Total assets					$6,531	$6,341
Liabilities and Shareholders’ Equity
Current liabilities
Current installments of long-term debt					$65	$3
Accounts payable					318	307
Accrued payroll, bonus, and other benefits					413	407
Dividends payable					40	43
Other current liabilities					588	581
Total current liabilities					1,424	1,341
Long-term capital lease obligations					983	1,048
Deferred lease liabilities					640	640
Other long-term liabilities					88	88
Total liabilities					3,135	3,117
Shareholders’ equity
Common stock					2,933	2,933
Common stock in treasury, at cost					(2,226)	(2,026)
Accumulated other comprehensive loss					(32)	(32)
Retained earnings					2,721	2,349
Total shareholders’ equity					3,396	3,224
Total liabilities and shareholders’ equity					$6,531	$6,341

Additional information:

CAPEX/Net sales				5.0%
Depreciation expense/Prior year PPE, net				15.0%
Amortization of intangible assets				$6
Dividend payout ratio				30.0%

Answer 1

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