1. What were the year-end dates for the “Fiscal 2016” and “Fiscal 2015” periods?

        Fiscal 2016                    Fiscal 2015

a. January 31, 2016         February 1, 2015

b. December 31, 2016   December 31, 2015

c. January 31, 2016         January 31, 2015

d. January 29, 2017         January 31, 2016

2. Which of the following are the amounts in the company’s accounting equation (A = L + SE) for the 2016 fiscal year-end?

a. $94,595 = $62,282 + $32,313

b. $42,966 = $38,633 + $4,333

c. $41,973 = $35,657 + $6,316

d. $81,599 = $38,633 + $42,966

3. What is the company’s current ratio at January 29, 2017?

a. 0.80

b. 1.25

c. 0.41

d. 1.11

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 current liabilities due in the next year.

b. The company has less than one dollar of current assets for every dollar of current 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.

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. See S1-1 for further explanation of its fiscal periods.)