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Reading Published Financial Statements
In Units 1 and 2, you located the 2011 10-K for Lowe's Companies; you will refer to this information for this assessment. Use the Lowe's financial statements and your prior knowledge of accounting, supplemented by textbooks or other references of your choosing, to answer the following questions. For each answer, provide the page number references to the Lowe's 2011 10-K, if applicable.

How much cash and cash equivalents does the company report at the end of 2011?
What was the change in accounts receivable and how did it affect net cash provided by operating activities for the year 2011?
Compute the company's gross profit percentage for the most recent two years of 2011 and 2012. Has it risen or fallen? Explain the meaning of the change.
Where does the company disclose its revenue recognition policy? When does the company record revenues for the "sale" of gift cards?

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