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Question 1 Not complete Points out of 34.00 Flag question Question text CommonSize Balance Sheets Following is the balance sheet for Target Corporation. Prepare Target's commonsize balance sheets as of January 28, 2012 and January 29, 2011. (Round your answers to one decimal place.) ($ millions) January 28, January 29, 2012 2011 Assets Cash and cash equivalents $1,874 $2,712 Accounts receivable, net 6,927 7,153 Inventory 8,918 8,596 2,810 2,752 20,529 21,213 35,149 31,493 1,132 1,999 $56,810 $54,705 Accounts payable $7,857 $7,625 Accrued liabilities 4,644 4,326 Current portion of long-term debt and notes payable 4,786 1,119 17,287 13,070 20,697 23,607 Deferred income taxes 1,291 934 Other noncurrent liabilities 1,714 1,607 15,821 15,487 Other current assets Total current assets Property and equipment, net Other noncurrent assets Total assets Liabilities and shareholders' investment Total current liabilities Long-term debt Total shareholders' investment ($ millions) Total liabilities and shareholders' investment January 28, January 29, 2012 2011 $56,810 $54,705 TARGET CORPORATION Common-Size Balance Sheets 2012 2011 Answer Answer 0 Cash and cash equivalents 0 % % Answer Answer 0 0 Accounts receivable, net % % Answer Answer 0 0 Inventory % % Answer Answer 0 Other current assets 0 % % Answer Answer 0 0 Total current assets % % Answer Answer 0 0 Property and equipment, net % % Answer Answer 0 Other noncurrent assets % Answer Total assets 0 % Answer 0 0 % % Answer Answer Accounts payable 0 0 % % TARGET CORPORATION Common-Size Balance Sheets 2012 2011 Answer Answer 0 Accrued liabilities 0 % Answer % Answer 0 Current portion of long-term debt and notes payable 0 % % Answer Answer 0 0 Total current liabilities % % Answer Answer 0 0 Long-term debt % % Answer Answer 0 Deferred income taxes 0 % Answer % Answer 0 Other noncurrent liabilities 0 % % Answer Answer 0 0 Total shareholders' investment Answer Total liabilities and shareholders' investment Check Question 2 Not complete Points out of 12.00 Flag question Question text % % Answer 0 0 % % CommonSize Income Statements Following is the income statement for Target Corporation. Prepare Target's commonsize income statement for the fiscal year ended January 28, 2012. (Round your answers to one decimal place.) ($ millions) Fiscal year ended January 28, 2012 Sales $68,466 1,399 Net credit card revenues Total revenues 69,865 Cost of sales 47,860 Selling, general and administrative expenses 14,106 Credit card expenses 446 2,131 Depreciation and amortization Earnings before interest expense and income taxes 5,322 866 Net interest expense Earnings before income taxes 4,456 1,527 Provision for income taxes $2,929 Net earnings TARGET CORPORATION Common-Size Income Statement Year Ended January 28, 2012 Answer 0 Sales % Answer 0 Net credit card revenues % Answer 0 Total revenues % Cost of sales Answer 0 TARGET CORPORATION Common-Size Income Statement Year Ended January 28, 2012 % Answer 0 Selling, general and administrative expenses % Answer 0 Credit card expenses % Answer 0 Depreciation and amortization % Answer 0 Earnings before interest expense and income taxes % Answer 0 Net interest expense % Answer 0 Earnings before income taxes % Answer 0 Provision for income taxes % Answer Net earnings Check Question 3 Not complete Points out of 9.00 0 % Flag question Question text Compute ROA, Profit Margin, and Asset Turnover Refer to the financial information for Target Corporation, presented below: Target Corporation Balance Sheets ($ millions) January 28, January 29, 2012 2011 Assets Cash and cash equivalents $794 $1,712 Accounts receivable, net 5,927 6,153 Inventory 7,918 7,596 1,810 1,752 16,449 17,213 29,149 25,493 1,032 999 $46,630 $43,705 Accounts payable $6,857 $6,625 Accrued liabilities 3,644 3,326 Current portion of long-term debt and notes payable 3,786 119 14,287 10,070 13,697 15,607 Deferred income taxes 1,191 934 Other noncurrent liabilities 1,634 1,607 15,821 15,487 $46,630 $43,705 Other current assets Total current assets Property and equipment, net Other noncurrent assets Total assets Liabilities and shareholders' investment Total current liabilities Long-term debt Total shareholders' investment Total liabilities and shareholders' investment Target Corporation Income Statement Fiscal year ended January 28, 2012 ($ millions) Sales $70,766 1,399 Net credit card revenues Total revenues 72,165 Cost of sales 47,860 Selling, general and administrative expenses 14,106 Credit card expenses 446 2,131 Depreciation and amortization Earnings before interest expense and income taxes 7,622 866 Net interest expense Earnings before income taxes 6,756 1,527 Provision for income taxes $5,229 Net earnings a. Compute its return on assets (ROA) for the fiscal year ending January 28, 2012. Interest income for this year was $3 million, so interest expense was $869 million. Assume a statutory tax rate of 35%. (Round your answers to one decimal place.) Return on Assets = Answer 0 % b. Disaggregate ROA into profit margin (PM) and asset turnover (AT). (Round your answers to one decimal place.) Profit Margin = Answer 0 % Asset Turnover = Answer Check Question 4 Not complete Points out of 10.00 Question text Analysis and Interpretation of Liquidity and Solvency Refer to the financial information for Target Corporation (TGT), presented below to answer the following. Target Corporation Balance Sheets ($ millions) January 28, January 29, 2012 2011 Assets Cash and cash equivalents $1,794 $2,712 Accounts receivable, net 5,927 6,153 Inventory 7,918 7,596 1,810 1,752 17,449 18,213 28,149 24,493 1,032 999 $46,630 $43,705 Accounts payable $6,857 $6,625 Accrued liabilities 3,644 3,326 Current portion of long-term debt and notes payable 3,786 119 14,287 10,070 14,697 14,607 1,191 934 Other current assets Total current assets Property and equipment, net Other noncurrent assets Total assets Liabilities and shareholders' investment Total current liabilities Long-term debt Deferred income taxes Target Corporation Balance Sheets January 28, January 29, 2012 2011 ($ millions) Other noncurrent liabilities 1,634 14,821 Total shareholders' investment Total liabilities and shareholders' investment 1,607 16,487 $46,630 $43,705 Target Corporation Income Statement Fiscal year ended January 28, 2012 ($ millions) Sales $69,466 1,399 Net credit card revenues Total revenues 70,865 Cost of sales 47,860 Selling, general and administrative expenses 14,106 Credit card expenses 446 2,131 Depreciation and amortization Earnings before interest expense and income taxes 6,322 866 Net interest expense Earnings before income taxes 5,456 1,527 Provision for income taxes $3,929 Net earnings a. Compute Target's current ratio and quick ratio for 2012 and 2011. (Round your answers to one decimal place.) 2012 Current Ratio Answer 0 2011 Current Ratio Answer 0 2012 Quick Ratio Answer 0 2011 Quick Ratio Answer 0 b. Compute Target's times interest earned for the year ended January 28, 2012, and its debtto equity ratios for 2012 and 2011. Interest income for this year was $3 million, so interest expense was $869 million. (Round your answers to one decimal place.) 2012 Times Interest Earned Answer 0 2012 DebttoEquity Ratio Answer 0 2011 DebttoEquity Ratio Answer Check Question 5 Not complete Points out of 35.00 Question text Flag question 0 Comparing Profitability and Turnover Ratios for Retail Companies Selected financial statement data for Best Buy Co., Inc., The Kroger Co., Nordstrom, Inc., Staples, Inc., and Walgreen Co. is presented in the following table: ($ millions) Best Buy Kroger Nordstrom Staples Walgreen Sales revenue $54,705 $94,374 Cost of sales $14,877 $29,022 $76,184 38,413 71,794 6,892 18,580 51,992 Interest expense 134 435 132 174 89 Net income 232 756 823 1,124 2,964 Average receivables 2,318 897 2,030 2,002 2,474 Average inventories 5,914 5,140 1,163 2,496 7,811 Average PP&E 3,647 14,306 2,394 2,114 11,355 16,927 23,491 7,977 13,671 29,865 Average total assets Assume a statutory tax rate of 35% for all companies. Required a. Compute return on assets (ROA) profit margin (PM) and asset turnover (AT) for each company.(Round your answers to one decimal place.) Best Buy ROA PM AT Answer Kroger 0 % 0 % Answer Answer Answer 0 Answer 0 Answer Nordstrom Answer % % 0 Answer 0 Staples % % Answer 0 0 Answer 0 Answer 0 Walgreen Answer % Answer % 0 Answer 0 % 0 % Answer 0 0 b. Compute accounts receivable turnover (ART), inventory turnover (INVT) and property, plant and equipment turnover (PPET) for each company. (Round your answers to one decimal place.) Best Buy ART INV T PPET Answer Kroger Nordstrom Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer 0 0 Answer 0 Answer 0 Answer Answer 0 Walgreen Answer 0 0 Answer Staples 0 0 0 Answer 0 c. Compute the gross profit margin (GPM) for each company. (Round your answers to one decimal place.) Best Buy Kroger Nordstrom Answer GPM Answer Answer 0 0 0 % Check Next % Staples Walgreen Answer Answer 0 % % 0 %