Refer to the financial statements and footnotes of Target given in Appendix B at the end of this book. All dollar amounts are in millions.

Data from in appendix B

Required:
1. What is the amount of accrued wages and benefits at the end of the most recent fiscal year?
a. $1,931
b. $1,677
c. $6,122
d. $169
e. $2,382
2. In Chapter 9, we have used the term “deferred revenue.” What term does Target use to reflect cash that it has received for goods or services that it will provide in the future?
a. Unearned Revenue
b. Deferred Sales
c. Other Revenue
d. Gift Card Liability
e. None of the above
3. What is the amount of “deferred revenue” Target reports at the end of the most recent fiscal year?
a. $935
b. $1,161
c. $1,035
d. $1,939
e. $4,368
4. For the most recent fiscal year, compute the accounts payable turnover ratio for Target.
a. 5.81
b. 8.11
c. 3.82
d. 5.14
e. 6.67
5. What is the amount of long-term liabilities at the end of the most recent fiscal year?
a. $51,248
b. $16,683
c. $11,536
d. $20,125
e. $14,440

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Consolidated Statements of Financial Position (millions, except footnotes) Assets Cash and cash equivalents Inventory Other current assets Total current assets Property and equipment Land Buildings and improvements Fixtures and equipment Computer hardware and software Construction-in-progress Accumulated depreciation Property and equipment, net Operating lease assets Other noncurrent assets Total assets Liabilities and shareholders' investment Accounts payable Accrued and other current liabilities Current portion of long-term debt and other borrowings Total current liabilities January 30, February 1, 2021 2020 $ $ 8,511 $ 10,653 1,592 20,756 6,141 31,557 5,914 2,765 780 (20,278) 26,879 2,227 1,386 51,248 $ 12,859 $ 6,122 1,144 20,125 2,577 8,992 1,333 12,902 6,036 30,603 6,083 2,692 533 (19,664) 26,283 2,236 1,358 42,779 9,920 4,406 161 14,487