Link for the annual report- https://corporate.target.com/annual-reports/pdf-viewer-2016?cover=28067&parts=28073

Refer to the Target 2016 Annual Report. On page 32 of the annual report is Target Income statement (called the Consolidated Statements of Operations). On page 34 is the Balance Sheet (called the Consolidated Statements of Financial Position).

Note: the Balance Sheet ending date for current Fiscal Year (FY) 2016 is January 28, 2017. The Balance Sheet ending date for prior FY 2015 is January 30, 2016.

Requirements: Answer the following questions using Target 2016 Annual Report. You may work with another student but the work must be on your own. Use correct formatting and proper grammar. The financial reports are stated in millions of dollars. When possible, please write answers exactly as they appear in the financial statements. Include commas when writing dollar amounts. Do not include dollar signs. Do not include the word million. Do not include the % sign.

Question 1. Name the largest current asset for current FY.

Question 2. Name the largest current liability for the current FY.

Question 3. Compute the current ratio for the current FY. Round to one decimal place.

Question 4. Compute the current ratio for the prior FY. Round to one decimal place.

Question 5. Did the current ratio improve, worsen or stay the same?

-Improve

-Worsen

-Stay the same

Question 6. Under what category does Target report fixtures and equipment?

Question 7. What was the value of Target inventory for the current FY?

= $_______million

Question 8. What was the value of Target inventory for the prior FY?

= $_______million

Question 9. Did the value of inventory increase or decrease from the prior year?

-Increase

-Decrease

Question 10. Review Note 12 Inventory, in the Notes to Consolidated Financial Statements. What does Target include in the cost of inventory?

Question 11. What was the amount of Target' cost of goods sold (cost of sales) for the current FY?

= $________million

Question 12. What was the amount of Target' cost of goods sold (cost of sales) for the prior FY?

= $________million

Question 13. Compute the gross profit percentage for the current FY. Round percentage to one decimal place.

= ____%

Question 14. Compute the gross profit percentage for the prior FY. Round percentage to one decimal place.

= ____%

Question 15. Did the gross profit percentage improve, worsen or stay the same? If your answers to the previous questions differ by even 0.1% it is considered to have either improved or worsened.

-Improve

-Worsen

-Stay the same

Question 16. Which inventory costing method does Target use? See Note 12 Inventory, in the Notes to Consolidated Financial Statements.

Question 17. Determine the inventory turnover for the current FY. Round to one decimal place.

= ____ times

Question 18. Determine the days sales in inventory for the current FY. Round UP to whole days.

= ____days