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based on the information in the companys most recent annual report, answer the following questions:
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What amount of accounts receivable did the company report at the end of the most recent year?
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What is the balance in the companys Allowance for Uncollectible Accounts at the end of the most recent year?
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What percentage of total current assets is accounts receivable at the end of each of the two years presented? Has this percentage increased, decreased, or remained the same during this period?
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Using the information presented in the companys annual report, compute the companys accounts receivable turnover for the current and previous years. Based on this information, has the companys management of accounts receivable improved? Briefly explain your answer.
FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Financial Position January 30, 2021 February 1, 2020 S 8,511 $ 10,653 1,592 20,756 2,577 8,992 1,333 12,902 6,141 31,557 5,914 2,765 780 (20,278) 26,879 2,227 1,386 51,248 5 6,036 30,603 6,083 2,692 533 (19,664) 26,283 2,236 1,358 42,779 (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 Long-term debt and other borrowings Noncurrent operating lease liabilities Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment 12,859 $ 6,122 1,144 20.125 11,536 2.218 990 1,939 16,683 9.920 4.406 161 14,487 11,338 2,275 1,122 1,724 16,459 42 6,329 8,825 (756) 14,440 51,248 $ 42 6,226 6,433 (868) 11,833 42.779 Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 500,877,129 shares issued and outstanding as of January 30, 2021;504,198,962 shares issued and outstanding as of February 1, 2020. Preferred Stock Authorized 5,000,000 shares, $0.01 par value, no shares were issued or outstanding during any period presented. See accompanying Notes to Consolidated Financial Statements March 10, 2021 TARGET CORPORATION 2020 Form 10-K 34 FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Operations (millions, except per share data) Sales 2020 92,400 $ 1,161 93,561 66,177 18,615 2,230 6,539 977 16 5,546 1,178 2019 77,130 $ 982 78,112 54.864 16,233 2,357 4,658 477 (9) 4,190 921 3,269 12 3,281 $ 2018 74,433 923 75,356 53,299 15,723 2,224 4,110 461 (27) 3,676 746 2,930 Other revenue Total revenue Cost of sales Selling, general and administrative expenses Depreciation and amortization (exclusive of depreciation included in cost of sales) Operating income Net interest expense Net other (income) / expense Earnings from continuing operations before income taxes Provision for income taxes Net earnings from continuing operations Discontinued operations, net of tax Net earnings Basic earnings per share Continuing operations Discontinued operations Net earnings per share Diluted earnings per share Continuing operations Discontinued operations Net earnings per share Weighted average common shares outstanding Basic Diluted 4,368 4.368 S 2,937 $ 8.72 S 6.39 $ 0.02 6.42 $ 5.54 0.01 5.55 $ 8.72 S $ 8.64 S = 6.34 $ 0.02 6.36 $ 5.50 0.01 8.64 $ 5.51 510.9 500.6 505.4 528.6 533.2 515,6 Antidilutive shares Note: Per share amounts may not foot due to rounding. See accompanying Notes to Consolidated Financial Statements. FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Financial Position January 30, 2021 February 1, 2020 S 8,511 $ 10,653 1,592 20,756 2,577 8,992 1,333 12,902 6,141 31,557 5,914 2,765 780 (20,278) 26,879 2,227 1,386 51,248 5 6,036 30,603 6,083 2,692 533 (19,664) 26,283 2,236 1,358 42,779 (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 Long-term debt and other borrowings Noncurrent operating lease liabilities Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment 12,859 $ 6,122 1,144 20.125 11,536 2.218 990 1,939 16,683 9.920 4.406 161 14,487 11,338 2,275 1,122 1,724 16,459 42 6,329 8,825 (756) 14,440 51,248 $ 42 6,226 6,433 (868) 11,833 42.779 Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 500,877,129 shares issued and outstanding as of January 30, 2021;504,198,962 shares issued and outstanding as of February 1, 2020. Preferred Stock Authorized 5,000,000 shares, $0.01 par value, no shares were issued or outstanding during any period presented. See accompanying Notes to Consolidated Financial Statements March 10, 2021 TARGET CORPORATION 2020 Form 10-K 34 FINANCIAL STATEMENTS Table of Contents Index to Financial Statements Consolidated Statements of Operations (millions, except per share data) Sales 2020 92,400 $ 1,161 93,561 66,177 18,615 2,230 6,539 977 16 5,546 1,178 2019 77,130 $ 982 78,112 54.864 16,233 2,357 4,658 477 (9) 4,190 921 3,269 12 3,281 $ 2018 74,433 923 75,356 53,299 15,723 2,224 4,110 461 (27) 3,676 746 2,930 Other revenue Total revenue Cost of sales Selling, general and administrative expenses Depreciation and amortization (exclusive of depreciation included in cost of sales) Operating income Net interest expense Net other (income) / expense Earnings from continuing operations before income taxes Provision for income taxes Net earnings from continuing operations Discontinued operations, net of tax Net earnings Basic earnings per share Continuing operations Discontinued operations Net earnings per share Diluted earnings per share Continuing operations Discontinued operations Net earnings per share Weighted average common shares outstanding Basic Diluted 4,368 4.368 S 2,937 $ 8.72 S 6.39 $ 0.02 6.42 $ 5.54 0.01 5.55 $ 8.72 S $ 8.64 S = 6.34 $ 0.02 6.36 $ 5.50 0.01 8.64 $ 5.51 510.9 500.6 505.4 528.6 533.2 515,6 Antidilutive shares Note: Per share amounts may not foot due to rounding. See accompanying Notes to Consolidated Financial Statements
