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 Connect. This material also is available under the Investor Relations link at the company’s website (www.target.com).
Required:
1. What amounts did Target report for the following items for the year ended February 3, 2018?
a. Total revenues
b. Income from current operations
c. Net income or net loss
d. Total assets
e. Total equity
2. What was Target’s basic earnings per share for the year ended February 3, 2018?
3. What is Target’s fiscal year-end? Why do you think Target chose that year-end?
4. Regarding Target’s audit report:
a. Who is Target’s auditor?
b. Did Target receive a “clean” (unmodified) audit opinion?
Financial StatementsFinancial 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...
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas