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With the data below, I am unsure of which lines to include on the common-size income statement. Is this the correct line items and order?
With the data below, I am unsure of which lines to include on the common-size income statement. Is this the correct line items and order?
EXHIBIT 5 | ||||||||||
COMMON-SIZE INCOME STATEMENT ON TARGET CORPORATION (TGT) | ||||||||||
FOR THE FISCAL YEARS 2010-2014 | ||||||||||
(dollar amounts in millions) | ||||||||||
Common-Size Percentages | ||||||||||
FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | |
Net Sales | ||||||||||
Sales | $ 65,786 | $ 68,466 | $ 71,960 | $ 71,279 | $ 72,618 | 98% | 98% | 98% | 100% | 100% |
Credit Card Revenues | $ 1,604 | $ 1,399 | $ 1,341 | $ - | $ - | 2% | 2% | 2% | 0% | 0% |
Total Revenues | $ 67,390 | $ 69,865 | $ 73,301 | $ 71,279 | $ 72,618 | 100% | 100% | 100% | 100% | 100% |
Cost of Sales | 45,725 | 47,860 | 50,568 | 50,039 | 51,278 | 68% | 69% | 69% | 70% | 71% |
Gross Profit | 21,665 | 22,005 | 22,733 | 21,240 | 21,340 | 32% | 31% | 31% | 30% | 29% |
Operating Expenses: | ||||||||||
Selling, general and admin expenses (SG&A) | 13,469 | 14,032 | 14,643 | 14,465 | 14,676 | 20% | 20% | 20% | 20% | 20% |
Credit Card expenses | 860 | 446 | 467 | 0 | 0 | 1% | 1% | 1% | 0% | 0% |
Depreciation and amortization | 2,084 | 2,084 | 2,044 | 1,996 | 2,129 | 3% | 3% | 3% | 3% | 3% |
Gain on receivables transaction | 0 | 0 | (161) | (391) | 0 | 0% | 0% | 0% | -1% | 0% |
Interest Income (Expense): | ||||||||||
Earnings from continuing operations before interest expense and income taxes | 5,252 | 5,443 | 5,740 | 5,170 | 4,535 | 8% | 8% | 8% | 7% | 6% |
Net Interest expense | 757 | 822 | 684 | 1,049 | 882 | 1% | 1% | 1% | 1% | 1% |
Earnings from continuing operations before income taxes | 4,495 | 4,621 | 5,056 | 4,121 | 3,653 | 7% | 7% | 7% | 6% | 5% |
Provision for income taxes | 1,575 | 1,572 | 1,741 | 1,427 | 1,204 | 2% | 2% | 2% | 2% | 2% |
Net Earnings from continuing operations | $ 2,920 | $ 3,049 | $ 3,315 | $ 2,694 | $ 2,449 | 4% | 4% | 5% | 4% | 3% |
Discontinued operations, net of tax | $ (120) | $ (316) | $ (723) | $ (4,085) | 0% | 0% | 0% | -1% | -6% | |
Net (loss)/earnings | $ 2,920 | $ 2,929 | $ 2,999 | $ 1,971 | $ (1,636) | 4% | 4% | 4% | 3% | -2% |
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