Question
What amount did Target report for total assets, total liabilities, and total shareholders' equity (labeled Shareholders' investment) in the most recent year? Show that the
What amount did Target report for total assets, total liabilities, and total shareholders' equity (labeled "Shareholders' investment") in the most recent year? Show that the basic accounting equation remains in balance.\ Find sales revenue (labeled Sales) in the income statement (labeled Consolidated Statement of Operations) and record sales for the year, assuming all sales were for cash.\ Find total cost of goods sold (labeled Cost of sales) in the income statement and record the journal entry for cost of goods sold for the year.\ Record inventory purchases for the year, assuming all were on account. (Hint: To calculate the amount of purchases, use a T-account for inventory and input the beginning and ending balances of inventory from the balance sheet. Input the credit to inventory from requirement 2(b) and solve for the missing amount to calculate inventory purchases).
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