Required Information Target Case (Static) [LO3-2, 3-3, 3-8] [The following Information applies to the questions displayed below.] Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1, 2020, are available here. This material is also available under the Investor Relations link at the company's website ( www.target.com). Target Case (Static) Parts 1 to 4 Required: 1. By what name does Target label its balance sheet? 2. What amounts did Target report for the following Items on February 1, 2020? Note: Enter your answers in millions, not in dollars (I.e., 10,000,000 should be entered as 10). 3. What was Target's largest current asset? What was its largest current liability? 4. Compute Target's current ratio and debt to equity ratio in 2020? Note: Round your answers to 2 decimal places. 1. Target's name for its balance sheet. 2a. Current assets 2b. Long-term assets 2c. Total assets Statement of Financial Position S 12,902 million $ 29,877 million $ 42,779 million 2d. Current liabilities $ 14,487 million 2e. Long-term liabilities S 16,459 million 2f. Total liabilities S 30,946 million 2g. Total shareholders' equity $ 11,833 million 3a. Largest current asset Inventory 3b. Largest current liability Accounts payable 4a. Current ratio 4b. Debt to equity ratio
Required Information Target Case (Static) [LO3-2, 3-3, 3-8] [The following Information applies to the questions displayed below.] Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1, 2020, are available here. This material is also available under the Investor Relations link at the company's website ( www.target.com). Target Case (Static) Parts 1 to 4 Required: 1. By what name does Target label its balance sheet? 2. What amounts did Target report for the following Items on February 1, 2020? Note: Enter your answers in millions, not in dollars (I.e., 10,000,000 should be entered as 10). 3. What was Target's largest current asset? What was its largest current liability? 4. Compute Target's current ratio and debt to equity ratio in 2020? Note: Round your answers to 2 decimal places. 1. Target's name for its balance sheet. 2a. Current assets 2b. Long-term assets 2c. Total assets Statement of Financial Position S 12,902 million $ 29,877 million $ 42,779 million 2d. Current liabilities $ 14,487 million 2e. Long-term liabilities S 16,459 million 2f. Total liabilities S 30,946 million 2g. Total shareholders' equity $ 11,833 million 3a. Largest current asset Inventory 3b. Largest current liability Accounts payable 4a. Current ratio 4b. Debt to equity ratio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required Information
Target Case (Static) [LO3-2, 3-3, 3-8]
[The following Information applies to the questions displayed below.]
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial
statements and disclosure notes for the year ended February 1, 2020, are available here. This
material is also available under the Investor Relations link at the company's website (
www.target.com).
Target Case (Static) Parts 1 to 4
Required:
1. By what name does Target label its balance sheet?
2. What amounts did Target report for the following Items on February 1, 2020?
Note: Enter your answers in millions, not in dollars (I.e., 10,000,000 should be entered as 10).
3. What was Target's largest current asset? What was its largest current liability?
4. Compute Target's current ratio and debt to equity ratio in 2020?
Note: Round your answers to 2 decimal places.
1. Target's name for its balance sheet.
2a. Current assets
2b. Long-term assets
2c. Total assets
Statement of Financial Position
S
12,902 million
$
29,877 million
$
42,779 million
2d. Current liabilities
$
14,487 million
2e. Long-term liabilities
S
16,459 million
2f. Total liabilities
S
30,946 million
2g. Total shareholders' equity
$
11,833 million
3a. Largest current asset
Inventory
3b. Largest current liability
Accounts payable
4a. Current ratio
4b. Debt to equity ratio](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77f968d2-24ef-48e6-aa47-b19f6eda3608%2F55b33dd7-eaca-42bd-8dac-6cb1b5e36e00%2Fjftj97t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Target Case (Static) [LO3-2, 3-3, 3-8]
[The following Information applies to the questions displayed below.]
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial
statements and disclosure notes for the year ended February 1, 2020, are available here. This
material is also available under the Investor Relations link at the company's website (
www.target.com).
Target Case (Static) Parts 1 to 4
Required:
1. By what name does Target label its balance sheet?
2. What amounts did Target report for the following Items on February 1, 2020?
Note: Enter your answers in millions, not in dollars (I.e., 10,000,000 should be entered as 10).
3. What was Target's largest current asset? What was its largest current liability?
4. Compute Target's current ratio and debt to equity ratio in 2020?
Note: Round your answers to 2 decimal places.
1. Target's name for its balance sheet.
2a. Current assets
2b. Long-term assets
2c. Total assets
Statement of Financial Position
S
12,902 million
$
29,877 million
$
42,779 million
2d. Current liabilities
$
14,487 million
2e. Long-term liabilities
S
16,459 million
2f. Total liabilities
S
30,946 million
2g. Total shareholders' equity
$
11,833 million
3a. Largest current asset
Inventory
3b. Largest current liability
Accounts payable
4a. Current ratio
4b. Debt to equity ratio
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