Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

S2-1 (Static) Finding and Analyzing Financial Information [LO 2-1, LO 2-4, LO 2-5] Refer to the financial statements of The Home Depot in Appendix

image text in transcribed

S2-1 (Static) Finding and Analyzing Financial Information [LO 2-1, LO 2-4, LO 2-5] Refer to the financial statements of The Home Depot in Appendix A. (Note: Fiscal 2019 for The Home Depot runs from February 4, 2019, to February 2, 2020. As with many retail companies, The Home Depot labels the period "Fiscal 2019" even though it ends in the 2020 calendar year. The label "Fiscal 2019" is appropriate because Fiscal 2019 includes 11 months from the 2019 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Required: 1. What were the year-end dates for the "Fiscal 2019" and "Fiscal 2018" periods? Fiscal 2018 February 2, 2018 Fiscal 2019 February 4, 2019 b. February 4, 2019 January 28, 2018 c. February 4, 2019 d. February 2, 2020 February 2, 2020 February 3, 2019 Option A Option B Option C O Option D 2. Which of the following are the amounts in the company's accounting equation (A = L + SE) for the 2019 fiscal year-end? $51,236 $54,352 + $(3,116) $54,352 $51,236 + 3,116 $110,225 $72,653 + $37,372 O $14,715 = $3,473 + $11,242 3. What is the company's current ratio at February 2, 2020? 1.08 0.34 0.39 1.07 4. What does the company's current ratio in requirement 3 indicate? The company has more than one dollar of current assets for every dollar of current liabilities due in the next year. The company has less than one dollar of current assets for every dollar of current liabilities due in the next year. Less than half of the company's assets are current. Less than half of the company's liabilities are current.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd edition

9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828

More Books

Students also viewed these Accounting questions