The following financial data were adapted from the annual report of Target Corporation for the year ending

Question:

The following financial data were adapted from the annual report of Target Corporation for the year ending January 29, 2011.

In millions

Accounts payable ............ $ 6,625

Capital stock ............... 2,789

Cash ................... 1,712

Cost of goods sold ............ 45,725

Debt and other borrowings ........ 15,726

Income tax expense ............ 1,575

Interest expense .............. 757

Inventories ................ 7,596

Other assets ................ 2,751

Other expenses ............... 2,944

Other liabilities .............. 5,867

Other credit card revenue ........... 1,604

Property, plant, and equipment ....... 25,493

Receivables ................. 6,153

Sales ................. 65,786

Selling, general, and administrative expenses . 13,469

Instructions

1. Prepare Target’s income statement for the year ending January 29, 2011.

2. Prepare Target’s retained earnings statement for the year ending January 29, 2011.

3. Prepare a balance sheet as of January 29, 2011, for Target.

Balance Sheet
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