Return to Target’s 201 0 annual report. For instructions on how to access the report online, see the C ontinuing Financial Statement Analysis Problem in C hapter 2. On page 33 of the annual report you’ll find Target’s income statement for the year ending January 29, 201 1 (called the Consolidated Statement of Operations). On page 34 you’ll find Target’s balance sheet as of January 29, 201 1 (called the C onsolidated Statement of Financial Position). Now answer the following questions:
1. Look at Target’s balance sheet. What liabilities does Target owe as of January 29, 201 1,and January 30, 201 0? For these two years, how much of Target’s liabilities are current and how much are long-term, non-current?
2. Look over footnotes 1 6, 1 7, 1 8, 1 9, 21 , 22, and 23 of the financial statements. These footnotes start on page 46 of the financial statements found in Target’s 201 0 annual report. What are the different types of liabilities that Target owes?
3. Look at Target’s balance sheet and income statement. What are Target’s debt ratio and interest coverage ratio for the year ending January 29, 201 1 ? What do these ratios tell you?

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