Refer to the financial statements of Target Corporation in Appendix B at the end of this book.

Question:

Refer to the financial statements of Target Corporation in Appendix B at the end of this book. All dollar amounts are in millions.


Data frim in Appendix B


1. What is the title used by Target for its balance sheets?
a. Consolidated Balance Sheets
b. Consolidated Statements of Financial Position
c. Consolidated Statements of Balances
d. Consolidated Statements of Operations
2. On the balance sheets, what is the most recent fiscal year reported?
a. Fiscal year 2020, ending on February 1, 2020
b. Fiscal year 2021, ending on January 30, 2021
c. Fiscal year 2021, ending on February 1, 2020
d. Fiscal year 2020, ending on January 30, 2021
3. What amount does the company report for inventory at the end of the most recent year?
a. $8,992, which represents the expected selling price for the inventory
b. $10,653, which represents the cost of the inventory
c. $10,653, which represents the expected selling price for the inventory
d. $8,992, which represents the cost of the inventory
4. Which of the following is not a component of property and equipment?
a. Computer hardware and software
b. Land
c. Inventory
d. Fixtures and equipment
5. What is the current ratio for the most recent fiscal year and what does this suggest about the company?
a. 1.40, suggesting that Target is highly liquid.
b. 0.89, suggesting that Target is not able to pay its short-term obligations.
c. 1.03, suggesting that Target has sufficient current assets to pay current liabilities.
d. 2.55, suggesting that Target is doing very well.

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Financial Accounting

ISBN: 9781264229734

11th Edition

Authors: Robert Libby, Patricia Libby, Frank Hodge

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