Section 1. Accounting Treatment (18 points) For this section, analyze and explain in detail the accounting treatment of the following areas for Target using the most recent annual report and disclosures. Fixed Assets Intangible Assets Liabilities (long term and short) Section 2. Trend Analysis (18 points) Using the vertical analysis of the income statements, identify the significant trends Using the vertical analysis of the balance sheets, identify the significant trends Using the horizontal analysis of the income statements, identify the significant trends Using the horizontal analysis of the balance sheets, identify the significant trends Section 3. Ratio Trend Analysis (18 points) Using the ratio analysis, identify the trends in ratios between the last two years as well as compare to the industry information accessed from the IBIS database. Also analyze ratios and figures based on the disclosures in the annual report as evidence to the noticeable trends Section 4. Budgeting Analysis (18 points) Compare actual amounts from last year to the budget you have created for sales. Give an analysis on if Target exceeded budgeted sales. If so, explain the contributing factors for this. If sales did not exceed what was budgeted, explain the contributing factors. Compare actual amounts from last year to the budget you have created for expenses. Give an analysis on if Target exceeded budgeted expenses. If so, explain the contributing factors for this. If expenses did not exceed what was budgeted, explain the contributing factors. Conclusion