the questions are on the screenshot

the questions are on the screen shot

2 Target Corporation prepares its financial statements according to US GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here This material also is available under the Investor Relations link at the company's website www.target.com Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017 Based on the amounts reported for accumulated depreciation and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018 Assuming your answer to requirement includes all depreciation expense recognized during the year how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record al insurance expense for the year What would be the effect on the income statement and balance sheet of Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Req 30 Red 20 Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Targets depreciation for the year (If no entry is required for a transaction/event, select "No joumal entry required in the first account field. Enter your answers in millions, not in dollars i.e., 10,000,000 should be entered as 10).) Show less View transaction list View journal entry worksheet No Transaction Debit Credit 1 1 General Journal Depreciation expense Accumulated depreciation Req2 > Required information [The following information applies to the questions displayed below! Target Corporation prepares its financial statements according to U.S. GAAP Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material is also available under the Investor Relations link at the company's website www.target.com 2 a. In Note 14, which depreciation method does Target use for property and equipment for financial reporting b. In Note 14, which depreciation method is used for tax purposes? c. Which statement is true regarding why a company might choose one of these methods? 3. In Note 14, how does Target record repairs and maintenance expense? 4 a. In Note 14, does Target report any impairment of property and equipment for the year ended February 3, 2018? b. What was the amount of impairment of property and equipment for the year ended February 3, 2018? c. How Impairments are related to 5. ..From Notes 15 and 16, were any impairments related to intangible assets recorded for the year ended February 3, 2018? b. What was the amount of impairment of intangible assets for the year ended February 3, 2018? Complete this question by entering your answers in the tabs below. Reg 2 Fleg 3 Ren Req5 a. From Notes 15 and 16, were any impairments related to intangible assets recorded for the year ended February 3, 2018 b. What was the amount of impairment of intangible assets for the year ended February 3, 2018? 5a. Does Target report any impairment of intangibile assets 55. Amount of impairment Yes 28 131 million Project 3 0 Savod 2 Target Corporation prepares its financial statements according to US GAAP Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the Investor Relations link at the company's website (www.target.com) Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017 Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3A Reg 3B Req 30 Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? Amortization expense million 2 Target Corporation prepares its financial statements according to US GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the Investor Relations link at the company's website (www.target.com) Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2 Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14.248 million of selling, general. administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3B Req 3C Rega 3A Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? (Enter your answers in millions, not in dollars (.e., 10,000,000 should be entered as 10).) Show less Cash paid for Insurance coverage million 2 Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the investor Relations link at the company's website (www.target.com). Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017 Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018 Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling. general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would ma to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reape Req 30 Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. Prepare the adjusting entry Target would make to record all insurance expense for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Interest expense Prepaid insurance 2 Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the investor Relations link at the company's website (www.target.com) Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year . What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3A Req 3B Reg 31 Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Show less Failure to record an adjusting entry for prepaid expenses would cause expenses to be overstated and thus net income to be understated It would also cause the Balance Sheet Assets and Shareholders' Equity to be overstated Required information [The following information applies to the questions displayed below! Target Corporation prepares its financial statements according to U.S. GAAP Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material is also available under the Investor Relations link at the company's website www.target.com 2 a. In Note 14, which depreciation method does Target use for property and equipment for financial reporting b. In Note 14, which depreciation method is used for tax purposes? c. Which statement is true regarding why a company might choose one of these methods? 3. In Note 14, how does Target record repairs and maintenance expense? 4 a. In Note 14, does Target report any impairment of property and equipment for the year ended February 3, 2018? b. What was the amount of impairment of property and equipment for the year ended February 3, 2018? c. How Impairments are related to 5. ..From Notes 15 and 16, were any impairments related to intangible assets recorded for the year ended February 3, 2018? b. What was the amount of impairment of intangible assets for the year ended February 3, 2018? Complete this question by entering your answers in the tabs below. Reg 2 Fleg 3 Ren Req5 a. From Notes 15 and 16, were any impairments related to intangible assets recorded for the year ended February 3, 2018 b. What was the amount of impairment of intangible assets for the year ended February 3, 2018? 5a. Does Target report any impairment of intangibile assets 55. Amount of impairment Yes 28 131 million Project 3 0 Savod 2 Target Corporation prepares its financial statements according to US GAAP Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the Investor Relations link at the company's website (www.target.com) Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017 Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3A Reg 3B Req 30 Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? Amortization expense million 2 Target Corporation prepares its financial statements according to US GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the Investor Relations link at the company's website (www.target.com) Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2 Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14.248 million of selling, general. administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3B Req 3C Rega 3A Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? (Enter your answers in millions, not in dollars (.e., 10,000,000 should be entered as 10).) Show less Cash paid for Insurance coverage million 2 Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the investor Relations link at the company's website (www.target.com). Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017 Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018 Assuming your answer to requirement 1 includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling. general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would ma to record all insurance expense for the year. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reape Req 30 Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. Prepare the adjusting entry Target would make to record all insurance expense for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Interest expense Prepaid insurance 2 Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material also is available under the investor Relations link at the company's website (www.target.com) Required: 1. Refer to Target's balance sheet for the years ended February 3, 2018, and January 28, 2017. Based on the amounts reported for accumulated depreciation, and assuming no depreciable assets were sold during the year, prepare an adjusting entry to record Target's depreciation for the year 2. Refer to Target's statement of cash flows for the year ended February 3, 2018. Assuming your answer to requirement includes all depreciation expense recognized during the year, how much amortization expense was recognized during the year? 3. Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling general, and administrative expenses reported in the income statement for the year ended February 3, 2018. How much cash did Target pay for insurance coverage during the year? Prepare the adjusting entry Target would make to record all insurance expense for the year . What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3A Req 3B Reg 31 Note 13 provides information on Target's current assets. Assume all prepaid expenses are for prepaid insurance and that insurance expense comprises $50 million of the $14,248 million of selling, general, and administrative expenses reported in the income statement for the year ended February 3, 2018. What would be the effect on the income statement and balance sheet if Target didn't record an adjusting entry for prepaid expenses? Show less Failure to record an adjusting entry for prepaid expenses would cause expenses to be overstated and thus net income to be understated It would also cause the Balance Sheet Assets and Shareholders' Equity to be overstated