Financial Statement Case 4-1

This case, based on the balance sheet of Target Corporation, will familiarize you with some of the assets and liabilities of that company. Use the Target Corporation balance sheet to answer the following questions.

Requirements

1. Which balance sheet format does Target use? (Hint, the formats are covered in Chapter 4)
2. Name the companys largest current asset and largest current liability on January 29, 2022
3. Compute Targets current ratios on January 29, 2022, and January 30, 2021. 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 companys property, plant, and equipment on January 29, 2022? What was the amount of accumulated depreciation? What was the book value of the property, plant, and equipment?