The following financial data were adapted from a recent annual report of Target Corporation (TGT) for the

Question:

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 ..................................................... $ 7,759

Cash ...................................................................... 2,210

Common stock ............................................................. 53

Cost of goods sold ................................................... 51,278

Debt and other borrowings .......................................... 12,705

Income tax expense .................................................... 1,204

Interest expense .......................................................... 882

Inventories .............................................................. 8,790

Other assets ............................................................. 4,446

Other expenses ......................................................... 6,214

Other liabilities ......................................................... 6,943

Property, plant, and equipment ..................................... 25,958

Sales .................................................................... 72,618

Selling, general, and administrative expenses .................... 14,676

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:

No common stock was issue during the year

Retained earnings Feb. 1 of prior year ..................................... $12,599

Dividends ......................................................................... 1,319

Other stockholder equity items on Feb.1 of prior year ..................... 3,579

Increase in other stockholder equity items ...................................... 721

3. Prepare a balance sheet as of January 31.

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