Financial Statement Case 4-1

This case, based on the balance sheet of Target Corporation, will familiarize you with some of the assets and liabilities of that company. Use the Target Corporation balance sheet to answer the following questions.

Requirements

1.Which balance sheet format does Target use?

2.Name the companys largest current asset and largest current liability at January 30, 2016.

3.Compute Targets current ratios at January 30, 2016, and January 31, 2015. Did the current ratio improve, worsen, or hold steady?

4.Under what category does Target report furniture, fixtures, and equipment?

5.What was the cost of the companys property, plant, and equipment at January 30, 2016? What was the amount of accumulated depreciation? What was the book value of the property, plant, and equipment?