Hi,

I need help with Lowes 10K for questions below.

Problem 3: Locating Information on Published Financial Statements

Refer to the Lowe's 2011 10-K. You should have located these statements for previous assessment problems. Use the financial statements and your prior knowledge of accounting, supplemented by textbooks or other references of your choosing, to answer the following questions. Reference the source of each answer, including the page number from the 2011 10-K, if applicable.

1. How much is in the Prepaid Expenses and Other Current Assets account at the end of fiscal year 2012? Where did you find this information?
2. What did the company report for Deferred Rent and Other liabilities at the end of fiscal year 2012? Where did you find this information?
3. What is the difference between prepaid rent and deferred rent?
4. Describe in general terms what accrued liabilities are.
5. What would generate the interest income that is reported on the income statement?
6. What company accounts would not have balances on a post-closing trial balance?
7. Give the closing entry, if any, for Prepaid Expenses.
8. What are the company's earnings per share (basic only) for the three years reported?
9. Compute the company's net profit margin for the three years reported. What does the trend suggest to you about Lowe's?

Typical Adjusting Entries Scoring Guide

This line represents final trim and will not print 2011 Form 10-K This proof is printed at 96% of original size This line represents final trim and will not print UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 3, 2012 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission file number 1-7898 LOWE'S COMPANIES, INC. (Exact name of registrant as specified in its charter) NORTH CAROLINA (State or other jurisdiction of incorporation or organization) 56-0578072 (I.R.S. Employer Identification No.) 1000 Lowe's Blvd., Mooresville, NC (Address of principal executive offices) 28117 (Zip Code) Registrant's telephone number, including area code 704-758-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, $0.50 Par Value Name of each exchange on which registered New York Stock Exchange (NYSE) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" and \"smaller reporting company\" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of July 29, 2011, the last business day of the Company's most recent second quarter, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was $27.2 billion based on the closing sale price as reported on the New York Stock Exchange. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. CLASS Common Stock, $0.50 par value OUTSTANDING AT MARCH 30, 2012 1,198,910,882 DOCUMENTS INCORPORATED BY REFERENCE Document Portions of the Proxy Statement for Lowe's 2012 Annual Meeting of Shareholders This proof is printed at 96% of original size Parts Into Which Incorporated Part III This line represents final trim and will not print LOWE'S COMPANIES, INC. - TABLE OF CONTENTS Page No. PART I Item 1. Item 1A. Item 1B. Item 2. Item 3. Item 4. PART II Item 5. Item 6. Item 7. Item 7A. Item 8. Item 9. Item 9A. Item 9B. PART III Item 10. Item 11. Item 12. Item 13. Item 14. PART IV Item 15. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures Executive Officers of the Registrant 1 7 10 10 10 10 11 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 12 13 14 29 29 58 58 58 Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accountant Fees and Services 59 59 Exhibits and Financial Statement Schedules 60 Signatures 67 i This proof is printed at 96% of original size 59 59 59 This line represents final trim and will not print Part I Item 1 - Business General Information Lowe's Companies, Inc. and subsidiaries (the Company or Lowe's) is a Fortune 50 company and the world's second largest home improvement retailer. As of February 3, 2012, we operated 1,745 stores, comprised of 1,712 stores across 50 U.S. states, 31 stores in Canada and two stores in Mexico. Our 1,745 stores represent approximately 197 million square feet of retail selling space. We opened 25 stores in fiscal 2011, which included the relocation of two existing stores. Seven of the stores were opened in Canada. In fiscal 2011, we closed 27 stores in the U.S. We expect to open approximately 10 stores in fiscal 2012. We are flexible in the size of store we open as we strive to maximize our return on investment by considering market demographics and land availability, among other factors, to determine the appropriate size for each particular market. During 2009, we entered into a joint venture agreement with Australian retailer Woolworths Limited, to develop a chain of home improvement stores in Australia. We are a one-third owner of the joint venture. The venture opened its first seven stores under the name Masters in 2011, and expects to open 15 to 20 stores in 2012. Lowe's was incorporated in North Carolina in 1952 and has been publicly held since 1961. The Company's common stock is listed on the New York Stock Exchange - ticker symbol \"LOW.\" See Item 6, \"Selected Financial Data,\" of this Annual Report on Form 10-K, for historical revenues, profits and identifiable assets. For additional information about the Company's performance and financial condition, see also Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\