Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for

Question:

Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This material is also available under the Investor Relations link at the company’s website (www.target.com).

Required:

1. Compare the property and equipment listed in the balance sheet with the list in Note 14. What are the estimated useful lives for recording depreciation? Is land listed in Note 14 (yes/no)?

2. In Note 14, which depreciation method does Target use for property and equipment for financial reporting? Which depreciation method is used for tax purposes? Why might these methods be chosen?

3. In Note 14, how does Target record repairs and maintenance expense?

4. In Note 14, does Target report any impairment of property and equipment for the year ended February 3, 2018? If so, what was the amount and what were the reasons for the impairments?

5. From Notes 15 and 16, were any impairments related to intangible assets recorded for the year ended February 3, 2018? If so, what was the amount and what were the reasons for the impairments?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

Fantastic news! We've Found the answer you've been seeking!