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

Data frim in Appendix B

1. What is the title used by Target for its balance sheets?
a. Consolidated Balance Sheets
b. Consolidated Statements of Financial Position
c. Consolidated Statements of Balances
d. Consolidated Statements of Operations
2. On the balance sheets, what is the most recent fiscal year reported?
a. Fiscal year 2020, ending on February 1, 2020
b. Fiscal year 2021, ending on January 30, 2021
c. Fiscal year 2021, ending on February 1, 2020
d. Fiscal year 2020, ending on January 30, 2021
3. What amount does the company report for inventory at the end of the most recent year?
a. $8,992, which represents the expected selling price for the inventory
b. $10,653, which represents the cost of the inventory
c. $10,653, which represents the expected selling price for the inventory
d. $8,992, which represents the cost of the inventory
4. Which of the following is not a component of property and equipment?
a. Computer hardware and software
b. Land
c. Inventory
d. Fixtures and equipment
5. What is the current ratio for the most recent fiscal year and what does this suggest about the company?
a. 1.40, suggesting that Target is highly liquid.
b. 0.89, suggesting that Target is not able to pay its short-term obligations.
c. 1.03, suggesting that Target has sufficient current assets to pay current liabilities.
d. 2.55, suggesting that Target is doing very well.

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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 January 30, 2021 $ $ 8,511 $ 2,577 10,653 8,992 1,592 1,333 20,756 12,902 6,141 31,557 5,914 2,765 780 February 1, 2020 (20,278) 26,879 2,227 1,386 51,248 $ 6,036 30,603 6,083 2,692 533 (19,664) 26,283 2,236 1,358 42,779