Question

Prepare the managerial balance sheet of Lowe’s from the following company consolidated balance sheet:
In millions Fiscal year-end 2008
Assets
Current assets
Cash and cash equivalents.............. $ 245
Short-term investments.............. 416
Merchandise inventories............ 8,209
Deferred income taxes.............. 166
Other current assets.............. 215
Total current assets.............. 9,251
Property, less accumulated depreciation...... 22,722
Long-term investments.............. 253
Other assets.............. 460
Total assets.................. $32,686
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings.............. $ 987
Current portion of long-term debt......... 34
Accounts payable................ 4,109
Accrued compensation and employees benefits.... 434
Self-insurance liabilities.............. 751
Deferred revenue............... 674
Other current liabilities.............. 1,033
Total current liabilities.............. 8,022
Long-term debt................ 5,039
Deferred income taxes, net............ 660
Other liabilities................ 910
Total liabilities................. 14,631
Shareholders’ equity
Common stock................. 735
Capital-in-excess of par value ........... 277
Retained earnings................. 17,049
Accumulated other comprehensive income (loss) .. (6)
Total shareholders’ equity ........... 18,055
Total liabilities and shareholders’ equity...... $32,686


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  • CreatedMarch 27, 2015
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