The following financial data were adapted from a recent annual report of Target Corporation (TGT) for the year ending January 31.

                                                                                        In millions

Accounts payable ........................................................    $ 9,761

Cash ...............................................................................      1,556

Common stock ..............................................................          43

Cost of sales ..................................................................   53,299

Debt and other borrowings .........................................  11,275

Income tax expense .....................................................        746

Interest expense ...........................................................        461

Inventories .....................................................................    9,497

Other assets ..................................................................    4,704

Other expenses .............................................................   2,190

Other liabilities .............................................................    8,957

Property and equipment, net ...................................... 25,533

Sales .............................................................................   75,356

Selling, general, and administrative expenses .......   15,723

Instructions

1. Prepare Target’s income statement for the year ending January 31.

2. Prepare Target’s statement of stockholders’ equity for the year ending January 31.

Use the following additional information for the year:

Common stock, Feb. 1 of prior year ...................................      $    45

Retained earnings Feb. 1 of prior year ...............................       6,495

Other stockholder equity items on Feb. 1 of prior year ....      5,111

Dividends .................................................................................     1,347

Other items affecting retained earnings .............................    (2,068)

Other items affecting common stock ..................................           (2)

Other items affecting stockholders’ equity 126

3. Prepare a balance sheet as of January 31.