Using the 2010 financials from Home Depot (year ended Jan 31, 2010), prepare a report analyzing the disclosures contained within the notes to the financial statements related to cash and cash equivalents, receivables, and inventories. Include a list identifying the components of the organization's cash and cash equivalents.
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Home Depot Footnotes
The footnote describing cash, cash equivalents, receivables and inventories for Home Depot for the year ended January 31, 2010, are all included in the Summary of Significant Accounting Policies. The Summary of Significant Accounting Policies is always the first footnote in financial statements prepared in accordance with generally accepted accounting principles and contains the general policies for recording assets, liabilities, revenues and expenses. When firms wish to include more extensive remarks about these elements of the financial statement, they often add footnotes dedicated specifically to an area, such as inventories, investments, receivables and long term assets. For the year ended January 31, 2010, Home Depot decided to make all their remarks about cash, cash equivalents, receivables and inventory in the first footnotes, making this a many page footnote!
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Response discusses footnote disclosures for Home Depot, in 652 words, for the areas required. Discussion is in everyday language suitable for novice to intermediate.