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 here. This material is also available under the Investor Relations link at the company’s website (www.target.com). Required: By what name does Target label its balance sheet? What amounts did Target report for the following items on February 3, 2018? What was Target’s largest current asset? What was its largest current liability? Compute Target’s current ratio and debt to equity ratio in 2018? (Round your answers to 2 decimal places. Enter your answers in millions, not in dollars (i.e., 10,00,000 should be entered as 10).)

 

 

2017 financial summary 2017 (a) 2016 2015 2014 2013 FINANCIAL RESULTS: (In millions) Sales (b) Cost of sales (c) Gross margin Selling. general and administrative expenses (SG&A) Depreciation and amortization (exclusive of depreciation included on cost of sales) (c) Gain on sale (d) Earnings from continuing operations before interest Expene and income taxes (EBIT) Net interest expense (e) Earmings from continuing operations before income taxes Provision for income taxes () Net eanings from continuing operations Discontinued operations, net of tax Net eamings / (loss) $71,879 51,125 20,754 14,248 $69,495 49,145 20,350 13,356 $73,785 52,241 21,544 14,665 $72,618 51,506 21,112 14,676 $71,279 50,243 21,036 14,465 2,194 1,969 (620) 2,025 1,901 1,792 (391) 4,312 666 4,969 1,004 5,530 607 4,535 882 5,170 1,049 3,653 1,204 2,449 (4,085) $(1,636) 3,646 718 3,965 1,296 2,669 68 4,923 1,602 3,321 42 4,121 1,427 2,694 (723) $1,971 2,928 $2,934 $2,737 $3,363 PER SHARE: BASIC EARNINGS / (LOSS) PER SHARE Continuing operations Discontinued operations Net eamings / (loss) per share DILUTED EARNINGS / (LOSS) PER SHARE Continuing operations Discontinued operations Net eamings / (loss) per share Cash dividends declared $5.35 0.01 $4.62 0.12 $5.29 0.07 $3.86 (6.44) $(2.58) $4.24 (1.14) $3.10 $5.36 $4.74 $5.35 $5.32 0.01 $4.58 0.12 $5.25 $4.70 $2.36 0.07 $5.31 $2.20 $3.83 (6.38) $(2.56) $1.99 $4.20 (1.13) $3.07 $1.65 $5.33 $2.46 FINANCIAL POSITION: (In millions) Total assets $38,999 $2,533 $11,587 $10,456 $11,709 $37,431 $1,547 $12,749 $11,639 $10,953 $40,262 $1,438 $12,760 $9,752 $12,957 $41,172 $1,786 $12,725 $11,205 $13,997 $44,325 $1,886 $12,494 $12,491 $16,231 Capital expenditures (g) Long-term debt, including current portion (g) Net debt (g)h) Shareholders' investment SEGMENT FINANCIAL RATIOS: () Comparable sales growth () Gross margin (% of sales) (C) SG&A (% of sales) EBIT margin (% of sales) 1.3% 28.9% 19.8% 6.0% (0.5)% 29.3% 19.2% 7.1% 1.3% 29.1% 20.0% 6.5% 2.1% (0.4)% 29.5% 20.2% 6.8% 29.2% 19.6% 6.9% OTHER: 556.2 602.2 Common shares outstanding (in millons) Operating cash flow provided by continuing operations (in milions) Sales per square foot (gk) Retail square feet (in thousands) (g) Square footage growth (g) Total number of stores (g) Total number of distribution centers (g) 541.7 640.2 632.9 $5,157 $302 $7,572 $298 $6,849 $295 239,355 (0.1)% 1,822 41 $5,329 $290 239,502 - % $5,254 $307 239,539 (0.2)% 1,792 239,963 -% 240,054 0.9% 1,802 40 1,790 38 1,793 37 40