Return to Target’s 2010 annual report. For instructions on how

Return to Target’s 2010 annual report. For instructions on how to access the report online, see the Continuing Financial Statement Analysis Problem in Chapter 2. On page 33 of the annual report you’ll find Target’s income statement for the year ending January 29, 2011 (called the Consolidated Statement of Operations). On page 34, you’ll find Target’s balance sheet as of January 29, 2011 (called the Consolidated Statement of Financial Position). On page 36 you’ll find Target’s statement of retained earnings for the year ending January 29, 2011. It’s a part of Target’s statement titled Consolidated Statements of Shareholders’ Investment. Now answer the following questions:
1. Look at Target’s income statement. Is Target profitable? Does it have a positive net income or a negative net income (loss) for the year ending January 29, 2011? How does that compare with the year ending January 30, 2010?
2. Look at Target’s statement of shareholders’ investment. How does Target’s net income flow into its balance sheet?
3.
Look at Target’s balance sheet at January 29, 2011. What assets does Target own? How much has Target invested in each type of asset and in total assets?
4. Look at Target’s balance sheet at January 29, 2011. How does Target finance its assets? How much liabilities and shareholders’ equity does Target have?

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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