Use the Target Corporations Form 10-K to complete the case. You will be working with Targets FY 2012 (year ended February 2, 2013). Targets Form 10-K is available on the companys website or through the SECs EDGAR database. Appendix A in your text provides instructions for using the EDGAR database.

Questions 31 - 51 are presented below. show all support for your work. You will be using the following sections of the annual report: MD&A, consolidated financial statements and notes to the financial statements.

31. Using Excel, compute common-size income statements (vertical analysis) for 2012 and 2011. In common-size income statements, net sales is 100% and every other number is a percentage of sales (you can stop at net earnings). 32. Using the common-size (vertical) income statements, identify the significant trends.

33. Using Excel, compute common-size (vertical analysis) balance sheets at the end of fiscal 2012 and 2011. In common-size balance sheets, total assets is 100% and every other number is a percentage of total assets. Be sure to complete the entire balance sheet.

34. Using the common-size (vertical) balance sheet, identify the significant trends.

35. Using Excel, prepare a horizontal analysis of the income statement comparing 2012 and 2011 (you can stop at net earnings).

36. Using the horizontal analysis of the income statement, identify the significant trends.

37. Using Excel, prepare a horizontal analysis of the balance sheet comparing 2012 and 2011.

38. Using the horizontal analysis of the balance sheet, identify the significant trends.

For numbers 39-51, calculate the following ratios for 2012 and 2011 **AND analyze the results.

39. Net margin

40. Return on investment

41. Return on equity

42. Earnings per share

43. Price-earnings ratio

44. Book value per share of common stock

45. Working capital

46. Current ratio

47. Quick (acid-test) ratio

48. Accounts receivable turnover

49. Inventory turnover

50. Debt to equity ratio

51. Debt to assets ratio

Consolidated Statements of Operations (millions, except per share data) 2012 $71,960 1,341 73,301 50,568 14,914 2011 $68.466 1,399 69,865 47,860 14.106 446 2,131 2010 $65,786 1,604 67,390 45.725 13.469 Credit card revenues Total revenues Cost of sales Selling, general and administrative expenses Credit card expenses 860 2,142 (161) 5,371 762 2,084 Gain on receivables held for sale Earnings before interest expense and income taxes Net interest expense Earnings before income taxes Provision for income taxes Net earnings Basic earnings per s Diluted earnings per share Weighted 5,322 866 4.456 1,527 $2,929 $4.31 $4.28 5,252 4.495 1,575 $2,920 $4.03 $4.00 4,609 1,610 average common shares outstanding Basic Diluted 656.7 679.1 723.6 663.3 683.9 729.4