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

Exercise 37

Finding Financial Information
Refer to the financial statements of The Home Depot in Appendix A at the end of this book, or download the 2011 annual report from the Cases section of the text's Web site at www.mhhe.com/phillips4e.
1. Where does the company report the amount of its Allowance for Doubtful Accounts ( Hint : The company refers to its Allowance for Doubtful Accounts as a "Valuation Reserve" related to Accounts Receivable.)
a. On the balance sheet.
b. in the notes.
c. In both the balance sheet and notes.
d. Not at all.
2. Compute the company's receivables turnover ratio and days to collect for the year ended January 31, 2011.
a. 62.7 times and 5.8 days
b. 74.0 times and 4.9 days
c. 68.6 times and 5.3 days
d. 66.4 times and 5.5 days