Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 68

Finding Financial Information
Refer to the financial statements of The Home Depot in Appendix A at the end of this book, or download the annual report from the Cases section of the text's Web site at www.mhhe.com/phillips4e.
Required:
1. What amount of Net Sales does the company report during the year ended January 30, 2011
a. $47,298
b. $66,176
c. $44,639
d. $67,997
2. Assuming that Cost of Sales is the company's term for Cost of Goods Sold, compute the company's gross profit percentage for the most recent two years.
a. 34.3% and 33.9%
b. 33.9% and 33.7%
c. 33.7% and 34-3%
d. 65.7% and 66.1%
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 30, 2011.
a. $10,188
b. $45,130
c. $44,693
d. $10,625