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.