1. What amount of Net Sales does the company report during the year ended January 29, 2017?...

Question:

1. What amount of Net Sales does the company report during the year ended January 29, 2017?

a. $32,313

b. $62,282

c. $7,957

d. $94,595

2. Assuming that Cost of Sales is the company’s term for Cost of Goods Sold, compute the company’s gross profit percentage for fiscal 2016 and the year immediately prior to that.

a. 34.2% and 34.2%

b. 34.8% and 32.8%

c. 34.1% and 34.2%

d. 65.8% and 65.8%

3. Assume that The Home Depot experienced no shrinkage in the most current year. Using the balance sheet and income statement, estimate the amount of purchases in the year ended January 29, 2017.

a. $62,282

b. $63,022

c. $74,091

d. $74,831

Refer 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. )

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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