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 here. This material is also available under the Investor Relations link at the company’s website (www.target.com). Required: By what name does Target label its balance sheet? What amounts did Target report for the following items on February 3, 2018? What was Target’s largest current asset? What was its largest current liability? Compute Target’s current ratio and debt to equity ratio in 2018? (Round your answers to 2 decimal places. Enter your answers in millions, not in dollars (i.e., 10,00,000 should be entered as 10).)
2017 financial summary 2017 (a) 2016 2015 2014 2013 FINANCIAL RESULTS: (In millions) Sales (b) Cost of sales (c) Gross margin Selling. general and administrative expenses (SG&A) Depreciation and amortization (exclusive of depreciation included on cost of sales) (c) Gain on sale (d) Earnings from continuing operations before interest Expenše and income taxes (EBIT) Net interest expense (e) Earmings from continuing operations before income taxes Provision for income taxes () Net eanings from continuing operations Discontinued operations, net of tax Net eamings / (loss) $71,879 51,125 20,754 14,248 $69,495 49,145 20,350 13,356 $73,785 52,241 21,544 14,665 $72,618 51,506 21,112 14,676 $71,279 50,243 21,036 14,465 2,194 1,969 (620) 2,025 1,901 1,792 (391) 4,312 666 4,969 1,004 5,530 607 4,535 882 5,170 1,049 3,653 1,204 2,449 (4,085) $(1,636) 3,646 718 3,965 1,296 2,669 68 4,923 1,602 3,321 42 4,121 1,427 2,694 (723) $1,971 2,928 $2,934 $2,737 $3,363 PER SHARE: BASIC EARNINGS / (LOSS) PER SHARE Continuing operations Discontinued operations Net eamings / (loss) per share DILUTED EARNINGS / (LOSS) PER SHARE Continuing operations Discontinued operations Net eamings / (loss) per share Cash dividends declared $5.35 0.01 $4.62 0.12 $5.29 0.07 $3.86 (6.44) $(2.58) $4.24 (1.14) $3.10 $5.36 $4.74 $5.35 $5.32 0.01 $4.58 0.12 $5.25 $4.70 $2.36 0.07 $5.31 $2.20 $3.83 (6.38) $(2.56) $1.99 $4.20 (1.13) $3.07 $1.65 $5.33 $2.46 FINANCIAL POSITION: (In millions) Total assets $38,999 $2,533 $11,587 $10,456 $11,709 $37,431 $1,547 $12,749 $11,639 $10,953 $40,262 $1,438 $12,760 $9,752 $12,957 $41,172 $1,786 $12,725 $11,205 $13,997 $44,325 $1,886 $12,494 $12,491 $16,231 Capital expenditures (g) Long-term debt, including current portion (g) Net debt (g)h) Shareholders' investment SEGMENT FINANCIAL RATIOS: () Comparable sales growth () Gross margin (% of sales) (C) SG&A (% of sales) EBIT margin (% of sales) 1.3% 28.9% 19.8% 6.0% (0.5)% 29.3% 19.2% 7.1% 1.3% 29.1% 20.0% 6.5% 2.1% (0.4)% 29.5% 20.2% 6.8% 29.2% 19.6% 6.9% OTHER: 556.2 602.2 Common shares outstanding (in millons) Operating cash flow provided by continuing operations (in milions) Sales per square foot (gk) Retail square feet (in thousands) (g) Square footage growth (g) Total number of stores (g) Total number of distribution centers (g) 541.7 640.2 632.9 $5,157 $302 $7,572 $298 $6,849 $295 239,355 (0.1)% 1,822 41 $5,329 $290 239,502 - % $5,254 $307 239,539 (0.2)% 1,792 239,963 -% 240,054 0.9% 1,802 40 1,790 38 1,793 37 40 2017 financial summary 2017 (a) 2016 2015 2014 2013 FINANCIAL RESULTS: (In millions) Sales (b) Cost of sales (c) Gross margin Selling. general and administrative expenses (SG&A) Depreciation and amortization (exclusive of depreciation included on cost of sales) (c) Gain on sale (d) Earnings from continuing operations before interest Expenše and income taxes (EBIT) Net interest expense (e) Earmings from continuing operations before income taxes Provision for income taxes () Net eanings from continuing operations Discontinued operations, net of tax Net eamings / (loss) $71,879 51,125 20,754 14,248 $69,495 49,145 20,350 13,356 $73,785 52,241 21,544 14,665 $72,618 51,506 21,112 14,676 $71,279 50,243 21,036 14,465 2,194 1,969 (620) 2,025 1,901 1,792 (391) 4,312 666 4,969 1,004 5,530 607 4,535 882 5,170 1,049 3,653 1,204 2,449 (4,085) $(1,636) 3,646 718 3,965 1,296 2,669 68 4,923 1,602 3,321 42 4,121 1,427 2,694 (723) $1,971 2,928 $2,934 $2,737 $3,363 PER SHARE: BASIC EARNINGS / (LOSS) PER SHARE Continuing operations Discontinued operations Net eamings / (loss) per share DILUTED EARNINGS / (LOSS) PER SHARE Continuing operations Discontinued operations Net eamings / (loss) per share Cash dividends declared $5.35 0.01 $4.62 0.12 $5.29 0.07 $3.86 (6.44) $(2.58) $4.24 (1.14) $3.10 $5.36 $4.74 $5.35 $5.32 0.01 $4.58 0.12 $5.25 $4.70 $2.36 0.07 $5.31 $2.20 $3.83 (6.38) $(2.56) $1.99 $4.20 (1.13) $3.07 $1.65 $5.33 $2.46 FINANCIAL POSITION: (In millions) Total assets $38,999 $2,533 $11,587 $10,456 $11,709 $37,431 $1,547 $12,749 $11,639 $10,953 $40,262 $1,438 $12,760 $9,752 $12,957 $41,172 $1,786 $12,725 $11,205 $13,997 $44,325 $1,886 $12,494 $12,491 $16,231 Capital expenditures (g) Long-term debt, including current portion (g) Net debt (g)h) Shareholders' investment SEGMENT FINANCIAL RATIOS: () Comparable sales growth () Gross margin (% of sales) (C) SG&A (% of sales) EBIT margin (% of sales) 1.3% 28.9% 19.8% 6.0% (0.5)% 29.3% 19.2% 7.1% 1.3% 29.1% 20.0% 6.5% 2.1% (0.4)% 29.5% 20.2% 6.8% 29.2% 19.6% 6.9% OTHER: 556.2 602.2 Common shares outstanding (in millons) Operating cash flow provided by continuing operations (in milions) Sales per square foot (gk) Retail square feet (in thousands) (g) Square footage growth (g) Total number of stores (g) Total number of distribution centers (g) 541.7 640.2 632.9 $5,157 $302 $7,572 $298 $6,849 $295 239,355 (0.1)% 1,822 41 $5,329 $290 239,502 - % $5,254 $307 239,539 (0.2)% 1,792 239,963 -% 240,054 0.9% 1,802 40 1,790 38 1,793 37 40
Expert Answer:
Adjusted millions Originally reportedmillions 2 a Current Assets 12540 12564 b Long term assets 27763 26435 c Total Assets 40303 38999 d Current Liabilities 13052 13201 e Long term liabilities 15600 14089 f Total Liabilities 28652 27290 g Total Shareholders Equity 11651 11709 3 a Largest Current Asset ... View the full answer
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
Students also viewed these accounting questions
-
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended January 30, 2016, are available in Connect. This...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended January 30, 2016, are available in Connect. This...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended January 30, 2016, are available in Connect. This...
-
Water flowing in a positive x-direction passes through a 90 elbow in a 6-inch-diameter pipeline and heads in a positive y-direction with a flow rate of 3.05 ft3/sec. Compute the magnitude and...
-
How can incomes become more unequally distributed within countries and less unequally distributed across countries?
-
Which of the following taxpayers must file a 2019 return? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of selfemployment income. b. Berry, age 67 and single, has a...
-
Anne Taylor Company borrowed cash on August 1, 2020, and signed a \(\$ 33,300\) (face amount), one-year note payable, due on July 31, 2021. The accounting period of Anne Taylor ends December 31....
-
Warranty and Coupon Computation Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2011. 1. Its line of amplifiers carries a 3-year...
-
Please answer the following question with the attached image. Part A, B, C and D Northwest Utility Company faces increasing needs for capital. Fortunately, it has an Aa3 credit rating. The corporate...
-
On November 5, 2003, Eli Colby was looking over his companys financial statements for the year ending October 31, 2003. Belle Air Charter, a small airline charter service company based in Vancouver,...
-
The ACME FPRA with the government contained a manufacturing overhead rate of 200% based on an overhead expense pool of $36 million and a manufacturing labor base of $18 million (3 contractors at $6...
-
Calculate the interest to be capitalised for the construction of Fleur Boat. Prepare the journal entries related to the interest capitalisation for the year 2016.(7 Marks) (b) Calculate the...
-
Consider the followng callable bond with semi - annual coupon payments. Coupon rate = 1 0 % Remaining Maturity = 2 0 years Par Value = $ 1 0 0 0 Current Yield to Maturity = 8 % First callable in 5...
-
A practice questions of the subject of FIN 2563 Accounting Cost, please provide full answer with the working of calculation. Questions 1 Asian Taco Bicycle Shop sells 21-speed bicycles. For purpose...
-
Highlight the whole entrepreneurial process. Which are the reasons why the entrepreneurs find it hard to step out and let others manage the business. How can an entrepreneur can be successful while...
-
SAFPL se enorgullece de su conexin de larga data con laregin de Naracoorte en el sur de Australia, donde es un importanteempleador. El hospital local est recaudando dinero para construirun nu 1 answer
-
Before the latest financial crisis and recession, when was the largest recession of the past 50 years, and what was the cumulative loss in output over the course of the slowdown?
-
Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land,...
-
Early in its fiscal year ending December 31, 2018, San Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the...
-
During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $375,000 for financial reporting and tax purposes. The enacted tax rate is 40%. Required: 1....
-
Riley has a daily calorie intake of 2,200 calories and wants to take in \(20 \%\) of their calories as protein. How many calories of protein should be in their daily diet?
-
Find the percentage in the following: 1. Total is 1,000 , percentage of the total is 70 . 2. Total is 500 , percentage of the total is 425 .
-
A store declares a deep discount of \(40 \%\) for an item, which they say will save \(\$ 30\). What was the original price of the item?
Study smarter with the SolutionInn App