Would like some feedback if I answered these questions correctly please.

1.Which of the following had the largest percentage change from 2011 to 2012: net sales, cost of sales, or selling, general, and administrative expenses?

Cost of sales decreased

None of the above

Net sales increased

Selling, general & administrative expenses increased.

2.Compare Target's 2012 net earnings (ye 2/2/2013) to its 2012 cash provided by operating activities. Which is larger?

Cash flow from operating activities by $2,326

Cash flow from operating activities by $5325

Net Income by $2326

Net Income by $2999

3.What percentage of Target's sales go to pay for the cost of goods being sold?

70.3%

7.3%

29.5%

5.9%

4.Approximately what percentage of credit card receivables did the company think will not be collected in 2012 and 2013? (gross receivables should be used in this computation)

2012 - none / 2011 - 6.8%

2012 - none / 2011 - 8.6%

2012 - none / 2011 - 3.6%

2012 - none / 2011 - 10.4%

5.What percentage of Target's total assets were comprised of inventory?

48.22%

16.4%

None of the above

56.3%

6.What percentage of Target's assets was being financed with liabilities (versus shareholders equity)?

29.1%

44.4%

65.6%

56.6%

Item 6. Selected Financial Data (millions, except per share data) As of or for the Year Ended 2013 2012 (a) 2011 2010 2009 $72,596 $73,301 $69,865 $67,390 $65,357 1,971 2,999 2,929 2,920 2,488 Financial Results: Total revenues (b) Net earnings Per Share: Basic earnings per share 3.1 4.57 4.31 4.03 3.31 Diluted earnings per share 3.07 4.52 4.28 4 3.3 Cash dividends declared per share 1.65 1.38 1.15 0.92 0.67 Total assets 44,553 48,163 46,630 43,705 44,533 Long-term debt, including current portion 13,782 17,648 17,483 15,726 16,814 2013 $72,596 2012 $71,960 2011 $68,466 1,341 1,399 Total revenues 72,596 73,301 69,865 Cost of sales 51,160 50,568 47,860 Selling, general and administrative expenses 15,375 14,914 14,106 467 446 2,223 2,142 2,131 -391 -161 Earnings before interest expense and income taxes 4,229 5,371 5,322 Net interest expense 1,126 762 866 Earnings before income taxes 3,103 4,609 4,456 Provision for income taxes 1,132 1,610 1,527 Financial Position: Consolidated Statements of Operations (millions, except per share data) Sales Credit card revenues Credit card expenses Depreciation and amortization Gain on receivables transaction Net earnings $1,971 $2,999 $2,929 Basic earnings per share $3.10 $4.57 $4.31 Diluted earnings per share $3.07 $4.52 $4.28 635.1 656.7 679.1 6.7 6.6 4.8 641.8 663.3 683.9 2013 2012 2011 Weighted average common shares outstanding Basic Dilutive effect of share-based awards (a) Diluted Consolidated Statements of Comprehensive Income (millions) Net earnings $1,971 $2,999 $2,929 Pension and other benefit liabilities, net of provision/ (benefit) for taxes of $71, $58 and $(56) 110 92 -83 Currency translation adjustments and cash flows hedges, net of provision/(benefit) for taxes of $11, $8 and $(11) -425 Other comprehensive income/(loss), net of tax Other comprehensive income/(loss) 13 -17 -315 105 -100 $1,656 $3,104 $2,829 1-Feb-14 2-Feb-13 $695 $784 5,841 Inventory 8,766 7,903 Other current assets 2,112 1,860 11,573 16,388 6,234 6,206 30,356 28,653 Fixtures and equipment 5,583 5,362 Computer hardware and software 2,764 2,567 843 1,176 -14,402 -13,311 31,378 30,653 1,602 1,122 $44,553 $48,163 Comprehensive income Consolidated Statements of Financial Position (millions, except footnotes) Assets Cash and cash equivalents, including short-term investments of $3 and $130 Credit card receivables, held for sale Total current assets Property and equipment Land Buildings and improvements Construction-in-progress Accumulated depreciation Property and equipment, net Other noncurrent assets Total assets Liabilities and shareholders' investment Accounts payable $7,683 $7,056 Accrued and other current liabilities 3,934 3,981 Current portion of long-term debt and other borrowings 1,160 2,994 Total current liabilities 12,777 14,031 Long-term debt and other borrowings 12,622 14,654 Deferred income taxes 1,433 1,311 Other noncurrent liabilities 1,490 1,609 15,545 17,574 53 54 4,470 3,925 12,599 13,155 Pension and other benefit liabilities -422 -532 Currency translation adjustment and cash flow hedges -469 -44 Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment 16,231 16,558 $44,553 $48,163 2013 2012 2011 $1,971 $2,999 $2,929 2,223 2,142 2,131 Consolidated Statements of Cash Flows (millions) Operating activities Net earnings Adjustments to reconcile net earnings to cash provided by operations: Depreciation and amortization Share-based compensation expense 110 105 90 -254 -14 371 41 206 154 -391 -161 445 82 14 22 157 -217 -187 2,703 Inventory -885 15 -322 Other current assets -267 -123 -150 Deferred income taxes Bad debt expense (a) Gain on receivables transaction Loss on debt extinguishment Noncash (gains)/losses and other, net Changes in operating accounts: Accounts receivable originated at Target Proceeds on sale of accounts receivable originated at Target Other noncurrent assets Accounts payable Accrued and other current liabilities Other noncurrent liabilities Cash provided by operations 19 -98 43 625 199 232 -9 138 218 -50 120 -97 6,520 5,325 5,434 -3,453 -3,277 -4,368 86 66 37 Investing activities Expenditures for property and equipment Proceeds from disposal of property and equipment Change in accounts receivable originated at third parties 121 254 3,002 -157 130 102 -108 -271 -2,855 -4,180 -890 970 Additions to short-term debt 1,500 Reductions of short-term debt -1,500 Additions to long-term debt 1,971 1,994 Reductions of long-term debt -3,463 -1,529 -3,125 Dividends paid -1,006 -869 -750 Repurchase of stock -1,461 -1,875 -1,842 456 360 89 -16 -6 Proceeds from sale of accounts receivable originated at third parties Cash paid for acquisitions, net of cash assumed Other investments Cash required for investing activities 259 Financing activities Change in commercial paper,net Stock option exercises and related tax benefit Other Cash required for financing activities -6,364 -2,488 -2,140 26 8 -32 Net decrease in cash and cash equivalents -89 -10 -918 Cash and cash equivalents at beginning of period 784 794 1,712 $695 $784 $794 $1,120 $775 $816 1,386 1,603 1,109 211 282 1,388 Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of period Supplemental information Interest paid, net of capitalized interest Income taxes paid Noncash financing activities Property and equipment acquired through capital lease obligations Consolidated Statements of Shareholders' Investment (millions, except footnotes) Common Stock Shares ### Stock Par Value 704 Additional Paid-in Capital $59 Accumulate d Other Comprehens Retained ive Income/ Earnings (Loss) $3,311 $12,698 Net earnings 2,929 Other comprehensive income -100 Dividends declared -777 Repurchase of stock -37.2 -3 -1,891 2.5 176 669.3 $56 $3,487 $12,959 ($681) Net earnings - 2,999 Other comprehensive income 105 Dividends declared -903 -32.2 -3 -1,900 8.2 1 438 Stock options and awards 28-Jan-12 Repurchase of stock Stock options and awards 2-Feb-13 645.3 $54 $3,925 $13,155 ($576) Net earnings 1,971 Other comprehensive income -315 Dividends declared -1,051 -21.9 -2 -1,476 9.5 1 545 632.9 $53 $4,470 $12,599 -891 Repurchase of stock Stock options and awards 1-Feb-14 d 2008 $64,948 2,214 2.87 2.86 0.62 44,106 18,752 Total ($581) 2,929 -100 -777 -1,894 176 $15,821 2,999 105 -903 -1,903 439 $16,558 1,971 -315 -1,051 -1,478 546 $16,231 $15,487