Acct 2113-11 Skills Development
Skills Development Cases
Yige zhang
1219313
ACCT 2113-01
Chapter 1
S1-1
1. What is the amount of net income for the year ended February 1, 2009?
Net Income=$2,260,000,000 2. What is the amount of sales revenue was earned for the year ended February 1, 2009?
Sales Revenue=$71,288,000,000 3. How much inventory does the company have on February 1, 2009?
Inventory=$10,673,000,000
4. How much does The Home Depot have in cash on February 1, 2009?
Cash=$519,000,000
5. The Home Depot’s stock is traded on the New York Stock Exchange under the symbol HD. What kind of company does this make The Home Depot?
The Home Depot is a public corporation.
S1-2
1. Was Lowe’s net income for the year ended January 30, 2009, greater (or less) than The Home Depot’s?
Low’s net income=$2,195,000,000 …show more content…
Chapter 6
S6-1
1. What amount of Net Sales does the company report during the year ended February 1, 2009?
Net Sales=$71,288,000,000. 2. Assuming that Cost of Sales is the same thing as Cost of Goods Sold, compute the company’s gross profit percentage for the most recent two years. Has it risen or fallen? Explain the meaning of the change.
Fiscal Year Ended:
February 1, 2009 Gross profit percentage=33.65%
February 3, 2008 Gross profit percentage=33.61%.
It has risen. The costs of The Home Depot are falling at a faster rate than the sales. 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 February 1, 2009.
The total amount of purchases =$21,301,000,000 4. Refer to the “Report of Independent Registered Public Accounting Firm” in The Home Depot’s annual report and Lowe’s annual report. To what “inherent limitations” of internal control is KPMG
Yige zhang
1219313
ACCT 2113-01
Chapter 1
S1-1
1. What is the amount of net income for the year ended February 1, 2009?
Net Income=$2,260,000,000 2. What is the amount of sales revenue was earned for the year ended February 1, 2009?
Sales Revenue=$71,288,000,000 3. How much inventory does the company have on February 1, 2009?
Inventory=$10,673,000,000
4. How much does The Home Depot have in cash on February 1, 2009?
Cash=$519,000,000
5. The Home Depot’s stock is traded on the New York Stock Exchange under the symbol HD. What kind of company does this make The Home Depot?
The Home Depot is a public corporation.
S1-2
1. Was Lowe’s net income for the year ended January 30, 2009, greater (or less) than The Home Depot’s?
Low’s net income=$2,195,000,000 …show more content…
Chapter 6
S6-1
1. What amount of Net Sales does the company report during the year ended February 1, 2009?
Net Sales=$71,288,000,000. 2. Assuming that Cost of Sales is the same thing as Cost of Goods Sold, compute the company’s gross profit percentage for the most recent two years. Has it risen or fallen? Explain the meaning of the change.
Fiscal Year Ended:
February 1, 2009 Gross profit percentage=33.65%
February 3, 2008 Gross profit percentage=33.61%.
It has risen. The costs of The Home Depot are falling at a faster rate than the sales. 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 February 1, 2009.
The total amount of purchases =$21,301,000,000 4. Refer to the “Report of Independent Registered Public Accounting Firm” in The Home Depot’s annual report and Lowe’s annual report. To what “inherent limitations” of internal control is KPMG