Homework Help is Here – Start Your Trial Now!
Business
Accounting
in millions, except per share data ASSETS Current assets: Cash and cash equivalents Receivables, net Merchandise inventories Other current assets Total current assets Net property and equipment Operating lease right-of-use assets Goodwill Other assets APPENDIX A Excerpts from the Fiscal 2019 10-K Annual Report of The Home Depot, Inc. THE HOME DEPOT, INC. Consolidated Balance Sheets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt Accounts payable Accrued salaries and related expenses Sales taxes payable Deferred revenue Income taxes payable Current installments of long-term debt Current operating lease liabilities Other accrued expenses Total current liabilities Long-term debt, excluding current installments Long-term operating lease liabilities Deferred income taxes Other long-term liabilities Total liabilities Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,786 shares at February 2, 2020 and 1,782 shares at February 3, 2019; outstanding: 1,077 shares at February 2, 2020 and 1,105 shares at February 3, 2019 Paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 709 shares at February 2, 2020 and 677 shares at February 3, 2019 Total stockholders' (deficit) equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial statements. February 2, 2020 "Fiscal 2019" $ 2,133 2,106 14,531 1,040 19,810 22,770 5,595 2,254 807 $ 51,236 $ 974 7,787 1,494 605 2,116 55 1,839 828 2,677 18,375 28,670 5,066 706 1,535 54,352 89 11,001 51,729 (739) (65,196) (3,116) $ 51,236 February 3, 2019 "Fiscal 2018" $1,778 1,936 13,925 890 18,529 22,375 2,252 847 $44,003 $ 1,339 7,755 1,506 656 1,782 11 1,056 2,611 16,716 26,807 491 1,867 45,881 89 10,578 46,423 (772) A7 (58,196) (1,878) $44,003

in millions, except per share data ASSETS Current assets: Cash and cash equivalents Receivables, net Merchandise inventories Other current assets Total current assets Net property and equipment Operating lease right-of-use assets Goodwill Other assets APPENDIX A Excerpts from the Fiscal 2019 10-K Annual Report of The Home Depot, Inc. THE HOME DEPOT, INC. Consolidated Balance Sheets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt Accounts payable Accrued salaries and related expenses Sales taxes payable Deferred revenue Income taxes payable Current installments of long-term debt Current operating lease liabilities Other accrued expenses Total current liabilities Long-term debt, excluding current installments Long-term operating lease liabilities Deferred income taxes Other long-term liabilities Total liabilities Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,786 shares at February 2, 2020 and 1,782 shares at February 3, 2019; outstanding: 1,077 shares at February 2, 2020 and 1,105 shares at February 3, 2019 Paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 709 shares at February 2, 2020 and 677 shares at February 3, 2019 Total stockholders' (deficit) equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial statements. February 2, 2020 "Fiscal 2019" $ 2,133 2,106 14,531 1,040 19,810 22,770 5,595 2,254 807 $ 51,236 $ 974 7,787 1,494 605 2,116 55 1,839 828 2,677 18,375 28,670 5,066 706 1,535 54,352 89 11,001 51,729 (739) (65,196) (3,116) $ 51,236 February 3, 2019 "Fiscal 2018" $1,778 1,936 13,925 890 18,529 22,375 2,252 847 $44,003 $ 1,339 7,755 1,506 656 1,782 11 1,056 2,611 16,716 26,807 491 1,867 45,881 89 10,578 46,423 (772) A7 (58,196) (1,878) $44,003

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
in millions, except per share data ASSETS Current assets: Cash and cash equivalents Receivables, net Merchandise inventories Other current assets Total current assets Net property and equipment Operating lease right-of-use assets Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt Accounts payable Accrued salaries and related expenses Sales taxes payable Deferred revenue Income taxes payable Current installments of long-term debt Current operating lease liabilities Other accrued expenses Total current liabilities APPENDIX A Long-term debt, excluding current installments Long-term operating lease liabilities Deferred income taxes Other long-term liabilities Paid-in capital Retained earnings Total liabilities Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,786 shares at February 2, 2020 and 1,782 shares at February 3, 2019; outstanding: 1,077 shares at February 2, 2020 and 1,105 shares at February 3, 2019 Excerpts from the Fiscal 2019 10-K Annual Report of The Home Depot, Inc. THE HOME DEPOT, INC. Consolidated Balance Sheets Accumulated other comprehensive loss Treasury stock, at cost, 709 shares at February 2, 2020 and 677 shares at February 3, 2019 Total stockholders' (deficit) equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial statements. February 2, 2020 "Fiscal 2019" $ 2,133 2,106 14,531 1,040 19,810 22,770 5,595 2,254 $ 51,236 $ 974 7,787 1,494 605 2,116 55 1,839 828 2,677 18,375 28,670 5,066 706 1,535 54,352 89 11,001 51,729 (739) (65,196) (3,116) $ 51,236 February 3, 2019 "Fiscal 2018" $ 1,778 1,936 13,925 890 18,529 22,375 2,252 847 $ 44,003 $ 1,339 7,755 1,506 656 1,782 11 1,056 2,611 16,716 26,807 491 1,867 45,881 89 10,578 46,423 (772) A7 (58,196) (1,878) $ 44,003
Transcribed Image Text:in millions, except per share data ASSETS Current assets: Cash and cash equivalents Receivables, net Merchandise inventories Other current assets Total current assets Net property and equipment Operating lease right-of-use assets Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt Accounts payable Accrued salaries and related expenses Sales taxes payable Deferred revenue Income taxes payable Current installments of long-term debt Current operating lease liabilities Other accrued expenses Total current liabilities APPENDIX A Long-term debt, excluding current installments Long-term operating lease liabilities Deferred income taxes Other long-term liabilities Paid-in capital Retained earnings Total liabilities Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,786 shares at February 2, 2020 and 1,782 shares at February 3, 2019; outstanding: 1,077 shares at February 2, 2020 and 1,105 shares at February 3, 2019 Excerpts from the Fiscal 2019 10-K Annual Report of The Home Depot, Inc. THE HOME DEPOT, INC. Consolidated Balance Sheets Accumulated other comprehensive loss Treasury stock, at cost, 709 shares at February 2, 2020 and 677 shares at February 3, 2019 Total stockholders' (deficit) equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial statements. February 2, 2020 "Fiscal 2019" $ 2,133 2,106 14,531 1,040 19,810 22,770 5,595 2,254 $ 51,236 $ 974 7,787 1,494 605 2,116 55 1,839 828 2,677 18,375 28,670 5,066 706 1,535 54,352 89 11,001 51,729 (739) (65,196) (3,116) $ 51,236 February 3, 2019 "Fiscal 2018" $ 1,778 1,936 13,925 890 18,529 22,375 2,252 847 $ 44,003 $ 1,339 7,755 1,506 656 1,782 11 1,056 2,611 16,716 26,807 491 1,867 45,881 89 10,578 46,423 (772) A7 (58,196) (1,878) $ 44,003
Refer to the financial statements of The Home Depot in Appendix A. (Note: Fiscal 2019 for The Home Depot runs from February 4, 2019, to February 2, 2020. As with many retail companies, The Home Depot labels the period "Fiscal 2019" even though it ends in the 2020 calendar year. The label "Fiscal 2019" is appropriate because Fiscal 2019 includes 11 months from the 2019 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Required: 1. What were the year-end dates for the "Fiscal 2019" and "Fiscal 2018" periods? a. b. C. d. Fiscal 2019 February 4, 2019 February 4, 2019 February 4, 2019 February 2, 2020 O Option A O Option B O Option C O Option D 2. Which of the following are the amounts in the company's accounting equation (A = L + SE) for the 2019 fiscal year-end? O $51,236 $54,352 + $(3,116) O $54,352 = $51,236 +3,116 O $110,225 $72,653 + $37,372 O $14,715 = $3,473 + $11,242 Fiscal 2018 February 2, 2018 January 28, 2018 February 2, 2020 February 3, 2019 3. What is the company's current ratio at February 2, 2020? O 1.08 O 0.34 O 0.39 O 1.07 4. What does the company's current ratio in requirement 3 indicate? O The company has more than one dollar of current assets for every dollar of current liabilities due in the next year. O The company has less than one dollar of current assets for every dollar of current liabilities due in the next year. O Less than half of the company's assets are current. O Less than half of the company's liabilities are current.
Transcribed Image Text:Refer to the financial statements of The Home Depot in Appendix A. (Note: Fiscal 2019 for The Home Depot runs from February 4, 2019, to February 2, 2020. As with many retail companies, The Home Depot labels the period "Fiscal 2019" even though it ends in the 2020 calendar year. The label "Fiscal 2019" is appropriate because Fiscal 2019 includes 11 months from the 2019 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Required: 1. What were the year-end dates for the "Fiscal 2019" and "Fiscal 2018" periods? a. b. C. d. Fiscal 2019 February 4, 2019 February 4, 2019 February 4, 2019 February 2, 2020 O Option A O Option B O Option C O Option D 2. Which of the following are the amounts in the company's accounting equation (A = L + SE) for the 2019 fiscal year-end? O $51,236 $54,352 + $(3,116) O $54,352 = $51,236 +3,116 O $110,225 $72,653 + $37,372 O $14,715 = $3,473 + $11,242 Fiscal 2018 February 2, 2018 January 28, 2018 February 2, 2020 February 3, 2019 3. What is the company's current ratio at February 2, 2020? O 1.08 O 0.34 O 0.39 O 1.07 4. What does the company's current ratio in requirement 3 indicate? O The company has more than one dollar of current assets for every dollar of current liabilities due in the next year. O The company has less than one dollar of current assets for every dollar of current liabilities due in the next year. O Less than half of the company's assets are current. O Less than half of the company's liabilities are current.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax loss carryovers
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS