Prepare a classified Balance Sheet for Target.
1. During 2021, Target Corporation had:
- Revenue of $623,000
- Cost of Goods Sold of $250,000
- Operating expenses of $68,000
- Interest expense of $4,000
Depreciation Expense of $13,000
During the year Target Corporation paid:
- 50% of net income in dividends
- 21% in corporate taxes
a. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Include the dividend and additions to
b. Calculate Target's Operating
2. The following data refers to the 2021 year-end account balances for Target. However, the Retained Earnings balance is as of 12/31/2020. The accounts are listed in alphabetical order.
$
|
Accounts Payable |
25,000 |
|
|
16,000 |
|
|
175,000 |
|
Cash |
44,000 |
|
Common Stock |
120,000 |
|
Fixed Assets (gross) |
390,000 |
|
Inventory |
135,000 |
|
Long Term Debt |
111,000 |
|
Retained Earnings (2020) |
51,992 |
Salary Payable 11,000
a. Prepare a classified
b. Calculate Target's Net
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