Question A5- A10

Financial statements provided on the website

PENDIX GAAP Comprehensive Case Target Corporation prepares its financial statements according to UJS GAAP T financial statements and disclosure notes for the year ended January 30, 2016 in Connect. This material is also available under the Investor Relations lnk t tha ny's website (www.target.com). This case addresses a variety of characteristics stalements prepared using U.S. GAAP. Questions are grouped in parts sections of the textbook. l6, are availab. of accoeding to varis Part A: Financial Statements, Income Measurement, and Current Assets AI. 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 A3, what was Target's largest current asset? what was its largest current liability? A4. Compute Target's current ratio and debt to equity ratio in 2016? A5. Assuming Target's industry had an average current ratio of 1.0 and an average debe 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? A6. A7. Regarding Target's audit report Who is Target's auditor? a b. Did Target receive a "clean" (unmodified) audit opinion? A8. A9, 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 carnings What was Target's basic earnings per share for the year ended January 30, 23016 A10. AlI. What aditional items, if any, does Target report as part of its comprehensihve 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 the income? indirect method? biggest reason for this difference? Explain why