Chapter 1, Problem 1SDC

Finding Financial Information

Answer the following questions by referring to the financial statements of The Home Depot in Appendix A at the end of this book. (Note: Fiscal 2016 for The Home Depot runs from February 1, 2016, to January 29, 2017. As with many retail companies, The Home Depot labels the period “Fiscal 2016” even though it ends in the 2017 calendar year. The label “Fiscal 2016” is appropriate because Fiscal 2016 includes 11 months from the 2016 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.)

Required:

1. 1. What amount of net income was reported (in millions) for the year ended January 29, 2017?
   1. a. $94,595
   2. b. $32,313
   3. c. $7,009
   4. d. $7,957
2. 2. What amount of sales revenue (in millions) was earned for the year ended January 29, 2017?
   1. a. $32,313
   2. b. $94,595
   3. c. $7,957
   4. d. $7,009
3. 3. What was the cost (in millions) of the company’s inventory on January 29, 2017?
   1. a. $2,538
   2. b. $12,549
   3. c. $2,216
   4. d. $11,809
4. 4. How much cash (in millions) does The Home Depot have on January 29, 2017?
   1. a. $2,538
   2. b. $12,549
   3. c. $2,216
   4. d. $11,809