Use the Target Corporation’s annual report in Appendix B to answer the following questions.
a. What was Target’s net income for 2013 (the year ended February 1, 2014)?
b. Did Target’s net income increase or decrease from 2012 to 2013? By how much?
c. What was Target’s accounting equation for 2013?
d. Which of the following had the largest percentage change from 2012 to 2013: sales, cost of sales, or selling, general, and administrative expenses? Show all computations.