This case, based on the balance sheet of Target Corporation, will familiarize you with some of the assets and liabilities of that company. Visit http://www.pearsonhighered.com/ Horngren to view a link to Target Corporation’s Fiscal 2015 Annual Report. Use the Target Corporation balance sheet to answer the following questions.

Requirements
1. Which balance sheet format does Target use?
2. Name the company’s largest current asset and largest current liability at January 30, 2016.
3. Compute Target’s current ratios at January 30, 2016, and January 31, 2015. Did the current ratio improve, worsen, or hold steady?
4. Under what category does Target report furniture, fixtures, and equipment?
5. What was the cost of the company’s property, plant, and equipment at January 30, 2016? What was the amount of accumulated depreciation? What was the book value of the property, plant, and equipment?