Refer to the financial statements of The Home Depot in Appendix A at the end of this book, or download the annual report from the Cases section in the Connect library.
Required:
1. On what dates did the company’s 2013 and 2012 fiscal years end?
Current Prior
A. January 31, 2014……… January 31, 2013
B. December 31, 2013… December 31, 2012
C. February 3, 2013……… February 2, 2012
D. February 2, 2014………. February 3, 2013
2. Which of the following are the amounts in the company’s accounting equation (A = L 1 SE) for the 2013 fiscal year end?
a. $ 15,279 + $ 23,348 = $ 40,518
b. $ 40,518 = $ 27,996 + $ 12,522
c. $ 41,084 = $ 23,307 + $ 17,777
d. $ 78,812 = $ 5,385 + $ 73,427
3. What is the company’s current ratio at February 2, 2014?
a. 0.38
b. 1.42
c. 0.70
d. 1.45
4. What does the company’s current ratio in requirement 3 indicate?
a. The company has more than one dollar of current assets for every dollar of liabilities due in the next year.
b. The company has less than one dollar of current assets for every dollar of liabilities due in the next year.
c. Less than half of the company’s assets are current.
d. Less than half of the company’s liabilities are current.