Income Statement, Retained Earnings Statement, and Balance Sheet

The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 31.

	In millions
Accounts payable	$ 7,759
Cash	2,210
Common stock	53
Cost of goods sold	51,278
Debt and other borrowings	12,705
Income tax expense	1,204
Interest expense	882
Inventories	8,790
Other assets	4,446
Other expenses	6,214
Other liabilities	6,943
Property, plant, and equipment	25,958
Sales	72,618
Selling, general, and administrative expenses	14,676

Instructions:

1. Prepare Target's income statement for the year ending January 31.

Target Corporation
Income Statement
For the Year Ended January 31 (in millions)
		$
Expenses:
	$
Total expenses
		$

2. Prepare Target's statement of stockholders equity for the year ending January 31, 20Y2. Use the minus sign to indicate a net loss. If an amount box is zero, enter "0". Use the following additional information for the year:

No common stock was issue during the year
Retained earnings Feb. 1 of prior year		$12,599
Dividends		1,319
Other stockholder equity items on Feb. 1 of prior year		3,579
Increase in other stockholder equity items		721

Target Corporation
Statement of Stockholders Equity
For the Year Ended January 31 (in millions)
	Common Stock	Retained Earnings	Other Items	Total
Balances, Feb. 1 of prior year	$	$	$	$
Balances, January 31	$	$	$	$

3. Prepare a balance sheet as of January 31, for Target.

Target Corporation
Balance Sheet
January 31 (in millions)
Assets
		$
Total assets		$
Liabilities
	$
Total liabilities		$
Stockholders' Equity
	$
Total stockholders' equity
Total liabilities and stockholders' equity		$

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