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solve Solvency for all years o Debt-to-equity o Times interest earned o Return on Financial leverage Lowe's 1 Balance Sheet 2 NOTE: 2015 BALANCE SHEET
solve Solvency for all years o Debt-to-equity o Times interest earned o Return on Financial leverage
Lowe's 1 Balance Sheet 2 NOTE: 2015 BALANCE SHEET INFORMATION SHOULD BE USED ONLY FOR RATIOS 3 Report Date 2018 2017 2016 2015 4 $ in Thousands 5 Cash & cash equivalents $511,000 $588,000 $558,000 $405,000 6 Short-term investments $218,000 $102,000 $100,000 $307,000 7 Merchandise inventory, net $12,561,000 $11,393,000 $10,458,000 $9,458,000 8 Other current assets $938,000 $689,000 $884,000 $391,000 9 Total current assets $14,228,000 $12,772,000 $12,000,000 $10,561,000 10 Property, less accumulated depreciation $18,432,000 $19,721,000 $19,949,000 $19,577,000 11 Long-term investments $256,000 $408,000 $366,000 $222,000 12 Deferred income taxes - net $294,000 $168,000 $222,000 $241,000 13 Goodwill $303,000 $1,307,000 $1,082,000 $0 14 Other assets $995,000 $915,000 $789,000 $665,000 15 Total assets $34,508,000 $35,291,000 $34,408,000 $31,266,000 16 17 18 Liabilities 19 Short-term borrowings $722,000 $1,137,000 $510,000 $43,000 20 Current maturities of long-term debt $1,110,000 $294,000 $795,000 $1,061,000 21 Accounts payable $8,279,000 $6,590,000 $6,651,000 $5,633,000 22 Accrued compensation & employee benefits $662,000 $747,000 $790,000 $820,000 23 Deferred revenue $1,299,000 $1,378,000 $1,253,000 $1,078,000 24 Other current liabilities $2,425,000 $1,950,000 $1,975,000 $1,857,000 25 Total current liabilities $14,497,000 $12,096,000 $11,974,000 $10,492,000 26 Long-term debt, excluding current maturities $14,391,000 $15,564,000 $14,394,000 $11,545,000 27 Deferred revenue - extended protection plans $827,000 $803,000 $763,000 $729,000 28 Other liabilities $1,149,000 $955,000 $843,000 $846,000 29 Total liabilities $30,864,000 $29,418,000 $27,974,000 $23,612,000 30 31 Stockholders' Equity 32 Common stock $401,000 $415,000 $433,000 $455,000 33 Capital in excess of par value $0 $22,000 $0 $0 34 Retained earnings $3,452,000 $5,425,000 $6,241,000 $7,593,000 35 Accumulated other comprehensive income (lo -$209,000 $11,000 -$240,000 -$394,000 36 Total shareholders' equity $3,644,000 $5,873,000 $6,434,000 $7,654,000 37 Total liabilities and stockholders' equity $34,508,000 $35,291,000 $34,408,000 $31,266,000 38 39 Additional Information 40 **Property and Equipment, at cost: 41 Land $7,196,000 $7,414,000 $7,329,000 $7,086,000 42 Buildings & building improvements $18,052,000 $18,521,000 $18, 147,000 $17,451,000 43 Equipment $10,090,000 $10,475,000 $10,978,000 $10,863,000 44 Construction in progress $525,000 $530,000 $464,000 $513,000 45 Total cost $35,863,000 $36,940,000 $36,918,000 $35,913,000 46 Less: accumulated depreciation $17,431,000 $17,219,000 $16,969,000 $16,336,000 47 18 Lowe's 1 Income Statement 2 As Reported Annual Income Statement 3 Report Date 2018 2017 2016 4 Scale Thousands Thousands Thousands 5 Net sales $71,309,000 $68,619,000 $65,017,000 6 Cost of sales $48,401,000 $45,210,000 $42,553,000 7 Gross margin $22,908,000 $23,409,000 $22,464,000 8 Selling, general & administrative expense $17,413,000 $15,376,000 $15, 129,000 9 Depreciation & amortization $ 1,477,000 $ 1,447,000 $ 1,489,000 10 Operating income (loss) $ 4,018,000 $ 6,586,000 $ 5,846,000 11 Interest income (expense), net $ (624,000) $ (633,000) $ (645,000) 12 Loss on extinguishment of debt $ $ (464,000) $ 13 Pre-tax earnings (losses) $ 3,394,000 $5,489,000 $5,201,000 14 Income tax provision $ 1,080,000 $ 2,042,000 $ 2,108,000 15 Net earnings $ 2,314,000 $ 3,447,000 $3,093,000 16 17 Additional Information 18 Weighted average shares outstanding - basic 811,000 839,000 880,000 19 Cash dividends per share 1.85 1.58 1.33 20 Net cash flows from operating activities $ 6,193,000 $ 5,065,000 $ 5,617,000 21 22Step by Step Solution
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