How much did The Home Depot owe for salaries and related expenses at February 2,

Question

How much did The Home Depot owe for salaries and related expenses at February 2, 2014? Was this an increase or decrease from the previous year?

Refer to the Revenues note in the Summary of Significant Accounting Policies that follows The Home Depot’s statements of cash flows. How does the company account for customer payments received in advance of providing services?

Which of the two basic reporting approaches for the cash flows from operating activities did The Home Depot use?

What amount of income tax payments did The Home Depot make during the year ended February 2, 2014?

In the fiscal year ended February 2, 2014, The Home Depot generated $7,628 million from operating activities. Indicate where this cash was spent by listing the two largest cash outflows.

How much did The Home Depot’s sales revenue increase or decrease in the year ended February 2, 2014?

What is the largest expense on the income statement for the year ended February 2, 2014, and how much did it change from the previous year?

Which of the following was The Home Depot’s net profit margin in the year ended February 2, 2014?

1.

How much did The Home Depot owe for salaries and related expenses at February 2, 2014? Was this an increase or decrease from the previous year?

$5,797 million (Decrease) $5,797 million (Increase) $1,428 million (Decrease) $1,428 million (Increase) APPENDIX A Ecerpts froen the Facal 2013 Asneal Report of The Home Depo, Ine THE NOME DIPOT, INC, AND SUESIDIARIES Consolidated Balance February 2 February 3, amounts in miltions, except share and per share data Cerrent Assets: 2,494 Cash and Cahalents Receivables, net Merchandise Inventories Ober Current Assets $ 1,929 11,057 Total Current Assets Property and Equipmem, at cost Ne Property and Equipment Other Assets LIABILITIES AND STOCKHOLDERS' EQUITY Currem Liabilities: 5,797 5,376 Accounts Payable Accrued Salarics and Related Espenses Sales Taxes Payable Deterred Revenue Income Taxes Payable Current Installments of Long-Tem Debt Ober Acereed Expenses Toeal Cument Liabilities Long-Term Deb, excluding crem insallmems Other Long-Term Liabilities Deferred Income Tases Total Liabilities STOCKHOLDERS' EQUITY Common Stock, par value $0.05 autborized: 10 billion shares; isssed: 1.761 billion shares at February 2, 2014 and 1.754 billion shares at Fcbruary 3, 2013; outstanding I.380 billion shares at February 2, 2014 and 1.484 blonshures a February 3, 2013 Paid-In Capita Retained Earnngs Accumelated Oiher Comprehensive Income Treasury Stock, atost, 381 millon shares at February 2, 2014 and 270 milion shares at Fcbnuary 3, 2013 1 19,194 Total Stockholders' Equity Total Liabilities and Stockholders' Equity accumpasying Noer o Coolidasnd Finaerial Seasemnt

Explanation / Answer

1

Option d is correct

$1,428 million (Increase)

Since in previous year company owed $1,414 million, it is an increase from previous year.

2

Option b is correct

The revenue is deferred until the goods or services are provided to the customer.

3

Option b is correct

Debit unearned revenue

Credit service revenue

3-1

Option b is correct

Indirect method

3-2

Option b is correct

$2,389 million

3-3

Option a is correct

Dividends ($2,243 million) and share repurchase ($8,546 million)

3-3-1

Option a is correct

Sales revenue is increased by $4,058 million

3-3-2

Option c is a correct

cost of sales which is increased by $2,510 million

$51,422 - $48,912 = $2,510

3-3-3

Option a is correct

6.8%

Net profit margin = net earnings / total sales

= $5,385 / $78,812 * 100

= 6.8%

3-3-3-1

Option d is correct

$5,385

3-3-3-2

Option d is correct

$78,812

3-3-3-3

Option a is correct

$11,057

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