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 in the Connect library. This material also is available under the Investor Relations link at the company’s website (www.target.com).

Required:
1. Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities?
2. Are any investments shown as a current asset? Why?
3. In which liability account would the company report the balance of its gift card liability?
4. What method does the company use to depreciate its property and equipment?
5. What purpose do the disclosure notes serve?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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