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Homework answers / question archive / The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 28, 20Y2
The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 28, 20Y2.In millionsAccounts payable …………….$ 6,857Capital stock …………….. 2,862Cash …………………. 794Cost of goods sold …………..47,860Debt and other borrowings ……….. 17,483Income tax expense ………….. 1,527Interest expense ……………. 866Inventories ……………… 7,918Other assets …………….. 2,842Other expenses …………….. 2,577Other liabilities ……………. 6,469Other credit card revenue ………… 1,399Property, plant, and equipment ………29,149Receivables ……………… 5,927Sales ………………..68,466Selling, general, and administrative expenses ….14,106Instructions1. Prepare Target’s income statement for the year ending January 28, 20Y2.2. Prepare Target’s retained earnings statement for the year ending January 29, 20Y2. (The retained earnings at January 29, 20Y1, was $12,698. During the year, Target paid dividends and had other reductions in retained earnings of $2,668.)3. Prepare a balance sheet as of January 28, 20Y2, for Target.
Below are given three statement
Income Statement
Retaines Earning
Balance Sheet
1.
Table showing computation of income statement January 28, 20Y2
| Items | Amount (in $millions) | Amount (in $millions) |
| Sales | 68,466 | |
| Add: other credit card revenue | 1,399 | |
| Total Revenue | 69,865 | |
| less: cost of good sold | (47,860) | |
| Gross profit | 22,005 | |
| less: selling, general and adminstrative expenses | 14,106 | |
| income tax expenses | 1,527 | |
| other expenses | 2,577 | |
| interest expenses | 866 | |
| Total expenses | (19,076) | |
| Net income (Total revenue - Expenses) | 2,929 |
2.
Table showing computation of Retained Earning January 28, 20Y2
| Items | Amount (in $millions) | Amount (in $millions) |
| Retained earning at beginning | 12,698 | |
| Add: net income | 2,929 | |
| Less: dividends and other deductions | (2,668) | |
| Retained earning at end | 12,959 |
3.
Table showing compuatation of Balance sheet January 28, 20Y2
| Items | Amount (in $millions) | Amount (in $millions) |
| Assets | ||
| current asssets | ||
| cash | 794 | |
| inventories | 7,918 | |
| receivables | 5,927 | |
| Total current assets | 14,639 | |
| property, plant nad equipment | 29,149 | |
| other assets | 2,842 | |
| Total assets | 46,630 | |
| Liabilities and other equity | ||
| current liabilities | ||
| account payable | 6,857 | |
| Debt and other borrowing | 17,483 | |
| other liabilities | 6,469 | |
| owner's equity | ||
| capital stock | 2,862 | |
| Retained earning at end | 12,959 | |
| Total owner's equity | 15,821 | |
| Total liabilities and owner's equity | 46,630 |
