Utilize the 2017 financial statements, annual reports, horizontal and vertical analysis for Target to calculate the following ratio.

Calculate the pre-tax margin for Target Corporation.

Target Horizontal/Vertical Analysis Information Increase or Dra) Amount Percent $131.00.0 so 0.0% $0 . $348.000 4.0 $95.000 2.5% $574,000 4.6% 0.0% so $260.000 $o 0.0 0.0% $634.000 SO $1,568,000 4.0% Target Horizontal Analysis Balance Sheet https://www.nasdaq.com/symbol inancials?query-balance sheet Values in (000) Period Ending 213/2018 1/20/2017 Current Assets Cash and Cash $2.64 3.000 12.5 12.000 Short-Term 30 30 Net Receivables $0 30 Inventory $8,657,000 $8,309,000 Other Current $1.264.000 $1.169.000 Assets Total Current $12,56 4,000 $11.990.000 Long Term Assete Long-Term Investments $0 30 Fixed Assets $25.010.000 $24.650.000 Goodwill 30 Intangible Assets 10 Other Assets $1.417.000 $783.000 Deferred Asset Charges Total Assets $38.999,000 $37.431.000 Current Liabilities Accounts Payable $12.931,000 $10.989.000 Short Term Debt $270.000 11.710.000 Other Current $0 $0 Liabilities Total Current $13,201,000 $12,707,000 Long-Term Debt 111317.000 $11.031.000 Other Llabilities $2.059.000 $1,879.000 Deferred Liability Charges $713,000 $861,000 Mise Stocks $0 $0 Minority Interest 30 Total Liabilities $27.290,000 $26,478,000 Stock Holders Equity Common Stocks 145.000 $46.000 Capital Surplus $5.850.000 15,881.000 Retained Earnings 16.553.000 $5.884.000 Treasury Stock $0 $0 Other Equity $747.000) (5638.000) Total Equity $11.70 9.000 $10.952.000 Total Liabilities & Equity $38.999,000 $37,431,000 15.0% $1.942.000 151.448.000 SO 0.0% 3.7% 2.526 $494,000 $286.000 $120.000 ($148,000) so So $812,000 -20.8% 0.0% -2.25 $1.000 $197.000 $669.000 SO $109.0001 S756.000 $1,568,000 10.25 O.ON 14.626 6.58 4.0 Target Vertical Analysis - Balance Sheet https://www.nasdaq.com/symbol/txt/financials?query balance sheet Values in (000) Period Ending 2002010 128.2017 Current Assets Cash and Cash Equivalents $26413,000 $2,512,000 6.7% Short-Term Investments 0.0% 30 Net Receivables $0 00% 30 00% Inventory $8,857,000 22.2% $8,309,000 222% Other Current Assets $1.261.000 3.2% 11.169.000 3.1% Total Current Assets $12,564,000 322% $11.990,000 32.0% Long-Term Assets Long-Term Investments $0 00% $0 0.0% Rxed Assets $25018.000 $24,658.000 65.9% Goodw $0 0.0% $0 0.0% Intangible Assets 30 00% $0 0.0% Other Assets $1417.000 $783,000 2.1% Deferred Asset Charges $0 Total Assets $38,999,000 100.0% $37431,000 100.0% Current Liabilities Accounts Payable Short-Term Debt Current Other Current Liabilities Total Current Liabilities 33.2% 0.7% $12.931,000 $270,000 10 $13,20 1,000 $10.989,000 $1,718,000 10 $12,707,000 29.4% 4.6% 0.0% 33.9% Long-Term Debt Other Liabilities Deferred Uability Charges Misc. Stock Minority interest Total abilities $11,317,000 $2,050,000 $713,000 $0 5.3% 18% 00% $11,031,000 $1,879,000 $861,000 10 10 29.5% 5.0% 2.3% 0.0% 0.0% $27,290,000 70.0% $26 478,000 70.7% Stock Holders Equity Common Stocks Capital Surplus Retained Earning Treasury Stock Other Equity Total Equity 145,000 $5,858,000 $6,553,000 $0 (1747,000) 11.709,000 01% 15.0% 16 8% 00% -1.9% 146,000 $5,661,000 35,884,000 $0 (1638.000 $10.963.000 0.1% 15.1% 15.7% 0.0% -17% 29.3% Total abilities & Equity $38.999,000 100 0% $37 431.000 100.0% Target Horizontal Analysis - Income Statement https://www.nasdaq.com/symbol/tg/financials?query=income statement Values in (000s) Period Ending 2018 12/2017 Increase Decrease Current Assets Around Perce Total Reverse ST1879000 495.000 $2.184.000 3.3% Cestoffer 351.120.000 13.145.000 $1.000.000 29 Gres Prah 520,754,000 570,350,000 $104.000 1.9% 0.0% $o $32.000 Operating Expenses Research and Development Sales, General and A Non-Recurringerne Other Operating er Operating ineer Add incomexpensers Barrings Before Interest and Tax interest Expense Earrings Before Tax Income Tax Minority interest Equity Earrings Loss Uncalidated Subsidiary Net Income-Cont. Operations Ne treene Net Income Applicable to Corwenen Shareholders SO 30 514.248.000 $13.356.000 30 52,194.000 $2.025,000 54,312,000 $4.968,000 30 30 54.312,000 $4.999.000 $666.000 $1.004000 $3,646,000 $3.965.000 5718,000 $1.296,000 $169,000 -5657,000 -5657,000 -$338,000 $319,000 $578.000 $0 0.0% 7.7% -15.2% CON -15.2% -50.8 -8.7% -30.5% 0.0% QOX 52.928,000 52.669.000 $2,034,000 52.737.000 $2,934,000 $2,737,000 $259.000 $197,000 $197.000 6.7% Target Vertical Analysis - Income Statement https://www.nasdaq.com/symbol/txt/financials query income-statement Values in (000s) Period Ending 2012018 120.2017 Current Assets Total Revenue Cost of Revenue Gross Pro 571,879.000 551.125.000 520,754,000 100 CON $69.000 100.00% 71.13% $49.145.000 70.77% 20.87 $20.350,000 29 29% 30 $13,356.000 0.00% 19.82% 0.00 3.05 6.OON 0.00% Operating Expenses Research and Development 40 Sales General and Admin $14,248.000 Non-Recurring Hems so Other Operating Items $2.194,000 Operating income $4.312,000 Adan incompense em s $0 Earnings Before terest and Tax $4.312,000 Arterest Expense $666.000 Earnings Before Tax $3,646,000 Income Tax $718.000 Mnenty interest $0 Equity CamingaLoss Unconsolidated Subsidiary $0 Net income-Cont. Operations $2.928.000 Net Income 32.934.000 Net Income Applicable to common Shareholders $2.934.000 $2.025,000 $4.969,000 50 $4,969,000 $1,004,000 $3.965,000 $1.295,000 SO 0.00 19.22% 0.00% 2.91% 7.15% 0.00N 7.15% 1.44% 5.71% 1.86% 0.00 0.00 3.84% 0901 5.07% 1.00% 0.00% 0.00 4.07% 4.00% 52.669.000 52.737.000 $2,737.000