($ millions)		2003		2002
Contributed capital, net	$	44.8	$	562.7
Retained earnings		7,533.0		6,518.5
Total equity	$	7,577.8	$	7,081.2

+	Supplies (A)			-		+	Supplies Expense (E)			-
Jan. 31 Bal.	900					Jan. 31 Bal.	960
+	Prepaid Insurance (A)			-		+	Insurance Expense (E)			-
Jan. 31 Bal.	595					Jan. 31 Bal.	85
-	Wages Payable (L)			+		+	Wages Expense (E)			-
			300	Jan. 31 Bal.		Jan. 31 Bal.	3,800
+	Truck (A)			-		-	Accumulated Depreciation Truck (XA)			+
Jan. 31. Bal.	8,400								1,680	Jan. 31 Bal.

(a) If the amount in supplies Expense represents the January 31 adjustment for the supplies used in January, and $630 worth of supplies were purchased during January, what was the January 1 beginning balance of Supplies?
$

Enter an exact number.

1

(b) The amount in the Insurance Expense account represents the adjustment made at January 31 for January insurance expense. If the original insurance premium was for one year, what was the amount of the premium and on what date did the insurance policy start?
$

Enter an exact number.

2


(c) If we assume that no beginning balance existed in Wages Payable or Wages Expense on January 1, how much cash was paid as wages during January?
$

Enter an exact number.

4

(d) If the truck has a useful life of five years, what is the monthly amount of depreciation expense?
$

Enter an exact number.

5
How many months has Clikeman owned the truck?

Enter an exact number.

6 months

Lowe's Companies, Inc. ($ millions)
Selected Balance Sheet Data				Selected Income Statement Data
	2004	2003			2004
Merchandise inventories	$5,777	$4,384		Cost of merchandise sold	$26,165
Property, net of depreciation	13,981	11,919		Depreciation expense	962
Accounts payable	2,757	2,242		Net income	2,016
Retained earnings	9,534	7,634

(a) Compute the cash paid for merchandise inventories in 2004. Assume all merchandise was purchased on account and that accounts payable come entirely from inventory purchases.
$

Enter an exact number.

1

(b) Compute the net cost of property acquired in 2004.
$

Enter an exact number.

2

(c) Compute the cash dividends paid in 2004.
$

Enter an exact number.

3

($ millions)	January 31, 2004
Cash and cash equivalents	$712
Accounts receivable, net	5,776
Inventory	5,543
Other	1,003
Total current assets	13,034
Property and equipment
Land	3,729
Buildings and improvements	14,091
Fixtures and equipment	5,482
Construction-in-progress	999
Accumulated depreciation	-6,228
Property and equipment, net	18,073
Other	1,493
Total assets	$32,600
Liabilities and shareholders' investment
Accounts payable	$5,348
Accrued liabilities	1,718
Income taxes payable	352
Current portion of long-term debt and notes payable	966
Total current liabilities	8,384
Long-term debt	10,307
Deferred income taxes and other	1,956
Shareholders' investment
Common stock	66
Additional paid-in-capital	1,331
Retained earnings	10,553
Accumulated other comprehensive income	3
Total shareholders' investment	11,953
Total liabilities and shareholders' investment	$32,600