1. Calculate the rate of return on total assets for Target Corporation for the year ended February 1, 2020.
2. Compare Target Corporations rate of return on total assets to Kohls Corporations ratio. Discuss the differences.

Consolidated Statements of Operations 2017 $ 2019 77,130 $ 982 78,112 54,864 16,233 2018 74,433 $ 923 75,356 53,299 15,723 71,786 928 72,714 51,125 15,140 2.225 (millions, except per share data) Sales 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 Antidilutive shares Note: Per share amounts may not foot due to rounding. 2,357 4,658 477 (9) 4,190 921 3,269 12 3,281 $ 2,224 4,110 461 (27) 3,676 746 2,930 7 2,937 $ 4,224 653 (59) 3,630 722 2,908 6 2,914 $ 6.39 $ 0.02 6.42 $ 5.54 $ 0.01 5.55 S 5.32 0.01 5.32 $ 6.34 $ 0.02 6.36 $ 5.50 $ 0.01 5.51 $ 5.29 0.01 5.29 510.9 515.6 528.6 533.2 546.8 550.3 4.1 Consolidated Statements of Financial Position $ February 1, February 2 (millions, except footnotes) 2020 2019 Assets Cash and cash equivalents 2,577 $ 1,556 Inventory 8,992 9,497 Other current assets 1,333 1,466 Total current assets 12,902 12,519 Property and equipment Land 6,036 6,064 Buildings and improvements 30,603 29,240 Fixtures and equipment 6,083 5,912 Computer hardware and software 2,692 2,544 Construction-in-progress 533 460 Accumulated depreciation (19,664) (18,687) Property and equipment, net 26,283 25,533 Operating lease assets 2,236 1,965 Other noncurrent assets 1,358 1,273 Total assets $ 42,779 $ 41,290 Liabilities and shareholders' investment Accounts payable 9,920 $ 9,761 Accrued and other current liabilities 4,406 4,201 Current portion of long-term debt and other borrowings 161 1,052 Total current liabilities 14,487 15,014 Long-term debt and other borrowings 11,338 10,223 Noncurrent operating lease liabilities 2,275 2,004 Deferred income taxes 1,122 972 Other noncurrent liabilities 1,724 1,780 Total noncurrent liabilities 16,459 14,979 Shareholders' investment Common stock 42 43 Additional paid-in capital 6,226 6,042 Retained earnings 6,433 6,017 Accumulated other comprehensive loss (868) (805) Total shareholders' investment 11,833 11,297 Total liabilities and shareholders' investment $ 42,779 $ 41,290 Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 504,198,962 shares issued and outstanding as of February 1, 2020; 517,761,600 shares issued and outstanding as of February 2, 2019. Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented. W KOHL'S CORPORATION CONSOLIDATED BALANCE SHEETS February 1, 2020 February 2, 2019 (Dollars in Millions) Assets Current assets: Cash and cash equivalents Merchandise inventories Other Total current assets Property and equipment, net Operating leases Other assets Total assets 723 3,537 389 4,649 7,352 2,391 163 14,555 $ 934 3,475 426 4,835 7,428 206 12,469 1,187 1,364 64 115 2,730 1,861 1,523 Liabilities and Shareholders' Equity Current liabilities: Accounts payable 1,206 Accrued liabilities 1,233 Income taxes payable 48 Current portion of: Finance lease and financing obligations 124 Operating leases 158 Total current liabilities 2,769 Long-term debt 1,856 Finance lease and financing obligations 1,367 Operating leases 2,619 Deferred income taxes 260 Other long-term liabilities 234 Shareholders' equity: Common stock - 375 and 374 million shares issued Paid-in capital 3,272 Treasury stock, at cost, 219 and 211 million shares (11,571) Retained earnings 13,745 Total shareholders' equity 5,450 $ Total liabilities and shareholders' equity 14,555 $ See accompanying Notes to Consolidated Financial Statements 184 644 3,204 (11,076) 13,395 5,527 12,469 KOHL'S CORPORATION CONSOLIDATED STATEMENTS OF INCOME 2019 18,885 $ 1,089 19,974 12,140 2018 19,167 $ 1,062 20,229 12,199 2017 19,036 1,048 20,084 12,176 5,501 991 (Dollars in Millions, Except per Share Data) Net sales Other revenue Total revenue Cost of merchandise sold Operating expenses: Selling, general and administrative Depreciation and amortization Impairments, store closing and other costs Operating income Interest expense, net (Gain) loss on extinguishment of debt Income before income taxes Provision for income taxes Net income Net income per share: Basic Diluted 5,705 917 113 1,099 207 (9) 901 210 691 $ 5,601 964 184 1,361 256 63 1,042 241 801 $ 1,416 299 1,117 258 859 4.39 $ 4.37 $ 4.88 $ 4.84 $ 5.14 5.12 See accompanying Notes to Consolidated Financial Statements