Find Target’s financial statements and disclosure notes for the year ended February 3,2018 (which is 2017 fiscal year) at the Investor Relations link at the company’s website (www.target.com). Required: 1. By what name does Target label its balance sheet? 2. What amounts did Target report for the following items for the year ended February 3, 2018? a. current assets b. long-term assets c. total assets d. current liabilities e. long-term liabilities f. total liabilities g. total shareholders’ equity 3. What was Target’s largest current asset and largest current liability? 4. Compute Target’s current ratio and debt to equity ratio? 5. Assuming Target’s industry had an average current ratio of 1.0 and an average debt to equity ratio of 2.5, comment on Target’s liquidity and long-term solvency using your answer for above question 4. 6. By what name does Target label its income statement? 7. What amounts did Target report for the following items for the year ended February 3, 2018? a. sales b. gross margin c. earnings from continuing operations before income taxes d. net earnings from continuing operations e. net earnings 8. Does Target report any items as part of its comprehensive income? If so, what are they? 9. Does Target prepare the statement of cash flows using the direct method or the indirect method? 10. Which is higher, net earnings or operating cash flows? Which line item is the biggest reason for the difference? explain why.
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