Lowe's Companies, Inc.	Dollar amounts in Millions
Common-Size Balance Sheets	Feb. 01, 2019	Feb. 02, 2018
Current assets:
Cash and cash equivalents	$ 511	$ 588
Short-term investments	218	102
Merchandise inventory - net	12,561	11,393
Other current assets	938	689
Total current assets	14,228	12,772
Property, less accumulated depreciation	18,432	19,721
Long-term investments	256	408
Deferred income taxes - net	294	168
Goodwill	303	1,307
Other assets	995	915
Total assets	34,508	35,291
Current liabilities:
Short-term borrowings	722	1,137
Current maturities of long-term debt	1,110	294
Accounts payable	8,279	6,590
Accrued compensation and employee benefits	662	747
Deferred revenue	1,299	1,378
Other current liabilities	2,425	1,950
Total current liabilities	14,497	12,096
Long-term debt, excluding current maturities	14,391	15,564
Deferred revenue - extended protection plans	827	803
Other liabilities	1,149	955
Total liabilities	30,864	29,418
Shareholders equity:
Preferred stock - $5 par value, none issued	0	0
Common stock - $.50 par value; Shares issued and outstanding 801 at February 1, 2019 and 830 at February 2, 2018, respectively	401	415
Capital in excess of par value	0	22
Retained earnings	3,452	5,425
Accumulated other comprehensive income/(loss)	(209)	11
Total shareholders equity	3,644	5,873
Total liabilities and shareholders equity	$ 34,508	$ 35,291

a. Identify the current operating liabilities (only include liabilities that will impact operating expenses) for each company and the applicable common-size percentage for each operating liability in the current year using your common-size balance sheet from part 2 of the financial analysis case. Explain why you picked these as the current operating liabilities. Operating liabilities are discussed in Module 4, but relates to module 7 with the continuation of the discussion on liabilities.

b. Identify the largest current operating liability for each company and explain why this current operating liability is so large compared to the other current operating liabilities.

c. What current liabilities did you not include in your analysis of current operating liabilities? Make sure you list out each of the current liabilities that were not included in a. Explain why you did not include them.