Understanding real-world annual reports
a. Use the Target Corporation’s annual report in Appendix B to answer the following questions:
(1) What was Target’s gross margin percentage for the fiscal year ended January 29, 2011 (2010) and 2009?
(2) What was Target’s return on sales percentage for 2010 and 2009?
(3) Target’s return on sales percentage for 2009 was lower than it was in 2010. Ignoring taxes, how much higher would Target’s 2009 net income have been if its return on sales percentage in 2009 had been the same as for 2010?