Reference no: EM133105457
Question 1 - The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 31.
In millions
Accounts payable $7,759
Cash 2,210
Common stock 53
Cost of goods sold 51,278
Debt and other borrowings 12,705
Income tax expense 1,204
Interest expense 882
Inventories 8,790
Other assets 4,446
Other expenses 6,214
Other liabilities 6,943
Property, plant, and equipment 25,958
Sales 72,618
Selling, general, and administrative expenses 14,676
Required -
1. Prepare Target's income statement for the year ending January 31.
2. Prepare Target's statement of stockholders' equity for the year ending January 31, 20Y2. Use the minus sign to indicate a net loss. If an amount box is zero, enter "0". Use the following additional information for the year:
No common stock was issue during the year
Retained earnings Feb. 1 of prior year $12,599
Dividends 1,319
Other stockholder equity items on Feb. 1 of prior year 3,579
Increase in other stockholder equity items 721
3. Prepare a balance sheet as of January 31, for Target.
Question 2 - The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 31.
In millions
Accounts payable $13,714
Cash 1,588
Common stock 5,724
Cost of goods sold 95,720
Debt and other borrowings 34,966
Income tax expense 3,054
Interest expense 1,732
Inventories 15,836
Other assets 5,684
Other expenses 5,154
Other liabilities 12,938
Property, plant, and equipment 58,298
Sales 136,932
Selling, general, and administrative expenses 28,212
Required -
1. Prepare Target's income statement for the year ending January 31.
2. Prepare Target's retained earnings statement for the year ending January 31, 20Y2. If an amount box is zero, enter "0".
No common stock was issue during the year
Retained earnings Feb. 1 of prior year $12,698
Dividends 2,798
Other stockholder equity items on Feb. 1 of prior year 1,104
Increase in other stockholder equity items 0
3. Prepare a balance sheet as of January 31, for Target.