Question - Refer to the Lowe's 2012 10-K. You should have located these statements for previous assessment problems. Use the financial statements and your prior knowledge of accounting, supplemented by textbooks or other references of your choosing, to answer the following questions. Reference the source of each answer, including the page number from the 2012 10-K, if applicable.
1. How much is in the Prepaid Expenses and Other Current Assets account at the end of fiscal year 2012? Where did you find this information?
2. What did the company report for Deferred Rent and Other liabilities at the end of fiscal year 2012? Where did you find this information?
3. What is the difference between prepaid rent and deferred rent?
4. Describe in general terms what accrued liabilities are.
5. What would generate the interest income that is reported on the income statement?
6. What company accounts would not have balances on a post-closing trial balance?
7. Give the closing entry, if any, for Prepaid Expenses.
8. What are the company's earnings per share (basic only) for the three years reported?
9. Compute the company's net profit margin for the three years reported. What does the trend suggest to you about Lowe's?