financial statements provided on the website

Target Corporation prepares its financial statements according to U.S. GAAR financial statements and disclosure notes for the year ended January 30, 2016, are in Connect. This material is also available under the Investor Relations link at ny's website (www.target.com). This case addresses a variety of characteristics of finn statements prepared using U.S. GAAP. Questions are grouped in parts according to va sections of the textbook P. 6. are available compa- Part A: Financial Statements, Income Measurement, and Current Assets A1. By what name does Target label its balance sheet? A2. What amounts did Target report for the following items on January 30, 2016 a. Current assets b. Long-term assets c. Total assets d. Current liabilities e. Long-term liabilities f. Total liabilities g. Total shareholders' equity What was Target's largest current asset? what was its largest current liability? Compute Target's current ratio and debt to equity ratio in 2016? A3. A4. ing Target's industry had an average current ratio of 1.0 and an average debe A5. Assum A6. A7. to equity ratio of 2.5, comment on Target's liquidity and long-term solvency Why do you think Target has chosen to have its fiscal year end on January 30, as opposed to December 31? Regarding Target's audit report: a. Who is Target's auditor? b. Did Target receive a "clean" (unmodified) audit opinion? By what name does Target label its income statement? What amounts did Target report for the following items for the year ended January 30, 2016? a. Sales b. Gross margin c. Earnings from continuing operations before income taxes d. Net earnings from continuing operations e. Net earnings What was Target's basic earnings per share for the year ended January 30, 2016? A8. A9. A10. All. What additional items, if any, does Target report as part of its comprehensive A12. Does Target prepare the statement of cash flows using the direct method or the A13. Which is higher, net earnings or operating cash flows? Which line item is income? indirect method? reason for this difference? Explain why. ENDIX B GAAP Comprehensive Case B3. Do you think a company like Target would have significant research and B4. What is Target's fixed-asset turnover ratio for the fiscal year ended January 30 B5. Compare the property and equipment listed in the balance sheet with the list in B6. Which depreciation method does Target use for property and equipment for financial development costs or capitalized interest related to self-constructed assets? Explain 2016? What is the ratio intended to measure? Note 14. What are the estimated useful lives for recording depreciation? Why is land not listed in Note 14? reporting? Which depreciation method is used for tax purposes? Why might these methods be chosen? How does Target record repairs and maintenance expense? How does Target account for impairment of property and equipment? Were an impairments recorded for the year ended January 30, 2016? If so, what was the amount, and what were the reasons for the impairments? From Notes 15 and 16, what was the amount of intangible assets for the year ended January 30, 2016? Were any impairments related to intangible assets recorded for the year ended January 30, 2016? If so, what was the amount and, what were the reasons for the impairments? B7. B8. B9