Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for

Question:

Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This material also is available under the Investor Relations link at the company’s website (www.target.com).

Required:

1. What amounts did Target report for the following items for the year ended February 3, 2018?

a. Total revenues

b. Income from current operations

c. Net income or net loss

d. Total assets

e. Total equity

2. What was Target’s basic earnings per share for the year ended February 3, 2018?

3. What is Target’s fiscal year-end? Why do you think Target chose that year-end?

4. Regarding Target’s audit report:

a. Who is Target’s auditor?

b. Did Target receive a “clean” (unmodified) audit opinion?

Financial Statements
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