Target Corporation-like all other businesses-makes adjusting entries at yearend in order to measure assets, liabilities, revenues, and

Question:

Target Corporation-like all other businesses-makes adjusting entries at yearend in order to measure assets, liabilities, revenues, and expenses properly. Examine Target Corporation's and income statement in its Fiscal 2015 Annual Report. Visit www.pearsonhighered.com/Horngren to view a link to Target Corporation's annual report.
Requirements
1. Which asset accounts might Target record adjusting entries for?
2. Which liability accounts might Target record adjusting entries for?
3. Review Note 14 (Property and Equipment) in the Notes to Consolidated Financial Statements. How are property, plant, and equipment carried on the is depreciation of these assets calculated? What is the range of useful lives used when depreciating these assets?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...