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Compute the percentage change relative to the previous year in net sales for the fiscal years ending February 1, 2015, and January 31, 2016. a-2. Compute the percentage change in net earnings for the fiscal years ending February 1, 2015, and January 31, 2016. a-3. Compute the gross profit rate for the fiscal years ending February 1, 2015, and January 31, 2016.

Compute the percentage change relative to the previous year in net sales for the fiscal years ending February 1, 2015, and January 31, 2016. a-2. Compute the percentage change in net earnings for the fiscal years ending February 1, 2015, and January 31, 2016. a-3. Compute the gross profit rate for the fiscal years ending February 1, 2015, and January 31, 2016.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a-1. Compute the percentage change relative to the previous year in net sales for the fiscal years ending February 1, 2015, and January 31, 2016.

a-2. Compute the percentage change in net earnings for the fiscal years ending February 1, 2015, and January 31, 2016.

a-3. Compute the gross profit rate for the fiscal years ending February 1, 2015, and January 31, 2016.

a-4. Compute the net income as a percentage of sales for the fiscal years ending February 1, 2015, and January 31, 2016.

a-5. Compute the return on average total assets for the fiscal years ending February 1, 2015, and January 31, 2016.

a-6. Compute the return on average total equity for the fiscal years ending February 1, 2015, and January 31, 2016.

 

CONSOLIDATED BALANCE SHEETS January 31, 2016 February 1, 2015 amounts in millions, except share and per share data ASSETS Current Assets: Cash and Cash Equivalents Receivables, net $ 1,275 $ 1,226 969 985 Merchandise Inventories 10,208 1,329 10,713 1,205 Other Current Assets 13,781 37,400 11,745 14,129 36,585 10,168 Total Current Assets Property and Equipment, at cost Less Accumulated Depreciation and Amortization Net Property and Equipment 25,655 26,417 1,148 400 Goodwill 1,174 Other Assets 224 Total Assets $ 40,834 $ 42,094 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Short-Term Debt $ 360 $ 570 Accounts Payable Accrued Salaries and Related Expenses Sales Taxes Payable 5,423 1,255 4,815 1,111 356 325 Deferred Revenue 1,153 1,158 Income Taxes Payable Current Installments of Long-Term Debt Other Accrued Expenses 106 279 1,016 1,577 11,246 8,647 1,761 1,641 11,660 ,65 2,192 1,158 Total Current Liabilities Long-Term Debt, excluding current installments Other Long-Term Liabilities 2,138 1,153 Deferred Income Taxes Total Liabilities 23,184 24,664 STOCKHOLDERS’ EQUITY Common Stock, par value $0.05; authorized: 10 billion shares; issued: 1.754 billion shares at January 31, 2016 and 1.733 billion shares at February 1, 2015; outstanding: 1.484 billion shares at January 31, 2016 and 1.537 billion shares at February 1, 2015 Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock, at cost, 270 million shares at January 31, 2016 and 196 million shares at February 1, 2015 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 82 81 6,291 11,516 6,040 11,775 353 78 (592) 17,650 $ 40,834 (388) 17,430 $ 42,094
Transcribed Image Text:CONSOLIDATED BALANCE SHEETS January 31, 2016 February 1, 2015 amounts in millions, except share and per share data ASSETS Current Assets: Cash and Cash Equivalents Receivables, net $ 1,275 $ 1,226 969 985 Merchandise Inventories 10,208 1,329 10,713 1,205 Other Current Assets 13,781 37,400 11,745 14,129 36,585 10,168 Total Current Assets Property and Equipment, at cost Less Accumulated Depreciation and Amortization Net Property and Equipment 25,655 26,417 1,148 400 Goodwill 1,174 Other Assets 224 Total Assets $ 40,834 $ 42,094 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Short-Term Debt $ 360 $ 570 Accounts Payable Accrued Salaries and Related Expenses Sales Taxes Payable 5,423 1,255 4,815 1,111 356 325 Deferred Revenue 1,153 1,158 Income Taxes Payable Current Installments of Long-Term Debt Other Accrued Expenses 106 279 1,016 1,577 11,246 8,647 1,761 1,641 11,660 ,65 2,192 1,158 Total Current Liabilities Long-Term Debt, excluding current installments Other Long-Term Liabilities 2,138 1,153 Deferred Income Taxes Total Liabilities 23,184 24,664 STOCKHOLDERS’ EQUITY Common Stock, par value $0.05; authorized: 10 billion shares; issued: 1.754 billion shares at January 31, 2016 and 1.733 billion shares at February 1, 2015; outstanding: 1.484 billion shares at January 31, 2016 and 1.537 billion shares at February 1, 2015 Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock, at cost, 270 million shares at January 31, 2016 and 196 million shares at February 1, 2015 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 82 81 6,291 11,516 6,040 11,775 353 78 (592) 17,650 $ 40,834 (388) 17,430 $ 42,094
Required information The following are the consolidated statement of earnings and the balance sheet of Home Depot, Inc and Subsidiaries. THE HOME DEPOT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS Fiscal Year Ended(1) February January February 1, 2015 $ 71,304 47,290 24,014 2, 2014 $ 77,352 51,332 26,020 amounts in millions, except per share data 31,2016 $ 66,188 43,746 22,442 NET SALES Cost of Sales GROSS PROFIT Operating Expenses: Selling, General and Administrative Depreciation and Amortization Total Operating Expenses 15,895 1,696 17,591 4,851 17,840 17,049 1,688 1,772 19,612 18,737 OPERATING INCOME 4,402 7,283 Interest and Other (Income) Expense: Interest and Investment Income (20) 612 (20) ( 81) Interest Expense 665 685 Other (149) 149 Interest and Other, net 794 741 604 4,057 1,351 3,661 1,269 EARNINGS BEFORE PROVISION FOR INCOME TAXES 6,679 Provision for Income Taxes 2,407 $ 4,272 NET EARNINGS $ 2,706 $ 2,392 1,668 $ Weighted Average Common Shares 1,519 $ 1,531 $ 1,582 $ BASIC EARNINGS PER SHARE 1.78 1.71 2.56 1,590 $ Diluted Weighted Average Common Shares 1,529 $ DILUTED EARNINGS PER SHARE 1.77 1.50 2.79
Transcribed Image Text:Required information The following are the consolidated statement of earnings and the balance sheet of Home Depot, Inc and Subsidiaries. THE HOME DEPOT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS Fiscal Year Ended(1) February January February 1, 2015 $ 71,304 47,290 24,014 2, 2014 $ 77,352 51,332 26,020 amounts in millions, except per share data 31,2016 $ 66,188 43,746 22,442 NET SALES Cost of Sales GROSS PROFIT Operating Expenses: Selling, General and Administrative Depreciation and Amortization Total Operating Expenses 15,895 1,696 17,591 4,851 17,840 17,049 1,688 1,772 19,612 18,737 OPERATING INCOME 4,402 7,283 Interest and Other (Income) Expense: Interest and Investment Income (20) 612 (20) ( 81) Interest Expense 665 685 Other (149) 149 Interest and Other, net 794 741 604 4,057 1,351 3,661 1,269 EARNINGS BEFORE PROVISION FOR INCOME TAXES 6,679 Provision for Income Taxes 2,407 $ 4,272 NET EARNINGS $ 2,706 $ 2,392 1,668 $ Weighted Average Common Shares 1,519 $ 1,531 $ 1,582 $ BASIC EARNINGS PER SHARE 1.78 1.71 2.56 1,590 $ Diluted Weighted Average Common Shares 1,529 $ DILUTED EARNINGS PER SHARE 1.77 1.50 2.79
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