Business Applications Case Understanding real-world annual reports

Required

Use the Target Corporation’s annual report in Appendix B to answer the following questions.

a. What was Target’s net income for 2010 (the year ended January 29, 2011)?

b. Did Target’s net income increase or decrease from 2009 to 2010, and by how much?

c. What was Target’s accounting equation for 2010?

d. Which of the following had the largest percentage change from 2009 to 2010: sales, cost of sales, or selling, general, and administrative expenses? Show all computations.