AI Tool Identification: Clearly state the name of the AI tool you used for this assignment. - Evidence of Interaction: Include screenshots that show both your prompts (the instructions or queries you provided to the AI) and the AI's subsequent responses. This will give a clear picture of your interaction with the tool. - Comparative Analysis: - At the end of this document, you'll find a set of correct answers. Compare these with the responses you received from the AI. - In a well-structured paragraph, discuss whether the AI's answers match the provided answers. If there are discrepancies, try to reason out why this might have occurred. Ensure your response flows logically and is easy to follow. Remember, the objective here isn't just to get the right answers, but to understand the process and capabilities of AI in the context of financial statement analysis. Best of luck! Instructions: Refer to the financial statements of Target posted on Blackboard. All dollar amounts are in millions. Required: Skim the annual report. Look at the income statement, balance sheet, and cash flow statement closely and attempt to infer what kinds of information they report. Then, answer the following questions based on the report using the AI tool of your choice. 

Note: The correct answers are provided on the end.

1. What best describes the types of products Target sells? 2. On what date does Targets most recent reporting year end? 3. For how many years does it present complete balance sheets, income statements, and cash flow statements? 4. Are its financial statements audited by independent CPAs? How do you know? 5. Did its total assets increase or decrease over the last year? 6. What was the value of inventory the company had as of January 30, 2021, in millions (accountants would call this the ending balance)? 7. Write out the basic accounting (balance sheet) equation and provide the values in millions of dollars reported by the company as of January 30, 2021.

Correct Answers (for comparison purposes ): 1. General merchandise and food 2. January 30, 2021 3. 2 balance sheets, 3 income statements, 3 cash flow statements 4. Yes, as indicated by the report of the Independent Registered Public Accounting Firm 5. Increase 6. $10,653 7. $51,248 = $36,808 + $14,440

Answer rating: 100% (QA)

AI Tool Used OpenAIs ChatGPT Interaction Screenshots Prompthttpsiimgurcom3vP2QzNpng Responsehttpsiim... View the full answer