The following financial data were adapted from a recent annual report of Target Corporation for the year

Question:

The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 28, 20Y2.

In millions

Accounts payable ................$ 6,857

Capital stock ................. 2,862

Cash ...................... 794

Cost of goods sold ..............47,860

Debt and other borrowings ........... 17,483

Income tax expense .............. 1,527

Interest expense ................ 866

Inventories .................. 7,918

Other assets ................. 2,842

Other expenses ................. 2,577

Other liabilities ................ 6,469

Other credit card revenue ............ 1,399

Property, plant, and equipment .........29,149

Receivables .................. 5,927

Sales ....................68,466

Selling, general, and administrative expenses ....14,106

Instructions

1. Prepare Target’s income statement for the year ending January 28, 20Y2.

2. Prepare Target’s retained earnings statement for the year ending January 29, 20Y2. (The retained earnings at January 29, 20Y1, was $12,698. During the year, Target paid dividends and had other reductions in retained earnings of $2,668.)

3. Prepare a balance sheet as of January 28, 20Y2, for Target.

Balance Sheet
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