Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions) Amount Classification $61,471 7,887 12,761 1,659 2,849 24,095 13,704 8,054 29,253 15,307 Sales Accumulated depreciation Retained earnings Depreciation expense Net income Property, plant & equipment, net Selling, general & administrative expense Accounts receivable Total liabilities Stockholders' equity + ♦ + ◆ ◆ ♦ ♦ (b) Using the data, compute total assets and total expenses. Total Assets =$ Total Expenses = $

Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions) Amount Classification $61,471 7,887 12,761 1,659 2,849 24,095 13,704 8,054 29,253 15,307 Sales Accumulated depreciation Retained earnings Depreciation expense Net income Property, plant & equipment, net Selling, general & administrative expense Accounts receivable Total liabilities Stockholders' equity + ♦ + ◆ ◆ ♦ ♦ (b) Using the data, compute total assets and total expenses. Total Assets =$ Total Expenses = $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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