Inventory and accounts payable journal entries. Target Corporation, a U.S.-based retailer, follows U.S. GAAP and reports its
Question:
Inventory and accounts payable journal entries. Target Corporation, a U.S.-based retailer, follows U.S. GAAP and reports its results in million of U.S. Dollars ($). Its balance sheet for the year ended February 2, 2008, and February 3, 2007, contains the following information:
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Target's income statement reports cost of Goods Sold of $41,895 million for the year ended February 2, 2008. Assume that Accounts Payable relates only to inventory.
(a) How much merchandise inventory did Target purchase during the year ended February 2, 2008?
(b) What journal entry did Target make related to part a? Assume that Target made all purchases on account.
(c) What Journal entry did Target make in the year ended February 2, 2008, to record its payments tovendors?
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
