Chapter 6, Problem 1SDC

Finding Financial Information

Refer to the financial statements of The Home Depot in Appendix A at the end of this book. (Note: Fiscal 2016 for The Home Depot runs from February 1, 2016, to January 29, 2017. See S1-1 for further explanation.)

Required:

1. 1. What amount of Net Sales does the company report during the year ended January 29, 2017?
   1. a. $32,313
   2. b. $62,282
   3. c. $7,957
   4. d. $94,595
2. 2. Assuming that Cost of Sales is the company’s term for Cost of Goods Sold, compute the company’s gross profit percentage for fiscal 2016 and the year immediately prior to that.
   1. a. 34.2% and 34.2%
   2. b. 34.8% and 32.8%
   3. c. 34.1% and 34.2%
   4. d. 65.8% and 65.8%
3. 3. Assume that The Home Depot experienced no shrinkage in the most current year. Using the balance sheet and income statement, estimate the amount of purchases in the year ended January 29, 2017.
   1. a. $62,282
   2. b. $63,022
   3. c. $74,091
   4. d. $74,831