Question
I need help with this problem asap. Thank you. Income statement, retained earnings, and balance sheet. The following financial data were adapted from recent annual
I need help with this problem asap. Thank you.
Income statement, retained earnings, and balance sheet.
The following financial data were adapted from recent annual report of Target Corporation for the year ending January 28, 20Y2.
OBJ/4 1. Net income, $2,929
Acct payable $6,857 Capital stock 2,862 Cash 794 Cost of goods sold 47,860 Debt and other borrowings 17, 483 Income tax expense 1,527 Interest expense 866 Inventories 7,918 Other assets 2,842 Other expenses 2,577 Other liabilities 6,469 Other credit card revenue 1,399 Property plant and equipment 29,149 Receivables 5,927 Sales 68, 466 Selling, general, and administrative expenses 14,106
Instructions 1. Prepare Target's income statement fir the year ending January 28, 20Y2. 2. Prepare Target's retained earnings statement for the year ending January 29, 20Y0. ( Note: The retained earnings at January 29, 20Y1, was $12, 698. During the v year, Target paid dividends and had other reductions in retained earnings of $2,2668.) 3. Prepare a balance sheet as of January 28, 20Y2, for Target.
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