1. Refer to the notes to the financial statements to determine how much The Home Depot and Lowe’s each incurred for advertising expenses in fiscal 2016.

2. How much did The Home Depot and Lowe’s each owe for salaries and wages at the end of fiscal 2016? Provide one reason that would explain the difference between the two companies’ accrued payroll liabilities.

Refer to the financial statements of The Home Depot in Appendix A and Lowe’s in Appendix B at the end of this book. (Note: Fiscal 2016 for The Home Depot runs from February 1, 2016, to January 29, 2017. Fiscal 2016 for Lowe’s runs from January 30, 2016, to February 3, 2017.