Answer the following questions by referring 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. As with many retail companies, The Home Depot labels the period "Fiscal 2016" even though it ends in the 2017 calendar year. The label ℉iscal 2016" is appropriate because Fiscal 2016 includes 11 months from the 2016 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Required : 1) What amount of net income was reported (in millions) for the year ended January 29, 2017? $94,595 $32,313 $7009 $7,957 ? 2) Wha amount of sales revenue (in millions) was earned for the year ended January 29, 2017? $32,313 $94,595 $7,957 $7009 ? 3) What was the cost (in millions) of the company's inventory on January 29, 2017? $2,538 $12,549 $2,216 $11,809?4) How much cash (in millions) does The Home Depot have on January 29, 2017? $2,538 12,549 $2,216 $11,809?

1) What amount of net income was reported (in millions) for the year ended January 29, 2017?

$7,957

In the financial statement, it is referred to as "Net Earnings", which is the same. It is the sum that you obtain after substracting all costs and expenses from sales revenue.

What amount of sales revenue (in millions) was earned for the year ended January 29, 2017?

$94,595

In the financial statement, it is referred to as "Net Sales", which is the same.

3) What was the cost (in millions) of the company's inventory on January 29, 2017?

$12,549

In the balance sheet, it is referred to as "Merchandise Inventory", which is the same. It is the total value of all the inventory that Home Depot had on that date.

4) How much cash (in millions) does The Home Depot have on January 29, 2017?

$2,538

In the balance sheet, it is referred to as "cash and cash equivalents", which is the same. Cash and cash equivalents includes, besides physical cash, funds deposited in saving and checking accounts and short-term investment (less than 90 days).

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