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, Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities? Are any investments shown as a current asset? Why? In which liability account would the company report the balance of its gift card liability? What method does the company use to depreciate its property and equipment?
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, Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities? Are any investments shown as a current asset? Why? In which liability account would the company report the balance of its gift card liability? What method does the company use to depreciate its property and equipment?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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,
Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities?
Are any investments shown as a current asset? Why?
In which liability account would the company report the balance of its gift card liability?
What method does the company use to
Transcribed Image Text:Consolidated Statements of Financial Position
(millions, except footnotes)
Assets
Cash and cash equivalents
Inventory
Other current assets
Total current assets
Property and equipment
Land
Buildings and improvements
Fixtures and equipment
Computer hardware and software
Construction-in-progress
Accumulated depreciation
Property and equipment, net
Operating lease assets.
Other noncurrent assets
POL FORE SANT
Total assets
Liabilities and shareholders' investment
Accounts payable
Accrued and other current liabilities
Current portion of long-term debt and other borrowings
Total current liabilities
Long-term debt and other borrowings
Noncurrent operating lease liabilities
Deferred income taxes
Other noncurrent liabilities
Total noncurrent liabilities
31
1 C C
69
$
February 1,
2020
2,577 $
8,992
1,333
12,902
6,036
30,603
6,083
2,692
533
(19,664)
26,283
2,236
1,358
42,779 $
9,920 $
4,406
161
14,487
11,338
2,275
1,122
1,724
16.459
February 2,
2019
1,556
9,497
1,466
12,519
6,064
29,240
5,912
2,544
460
(18,687)
25,533
1,965
1,273
41,290
9,761
4,201
1,052
15,014
10,223
2,004
972
1,780
14.979
0
3
![Deferred income taxes
Other noncurrent liabilities
Total noncurrent liabilities
Shareholders' investment
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total shareholders' investment
Total liabilities and shareholders' investment
M 3
$
Op
1,122
1,724
16,459
42
6,226
6,433
(868)
11,833
42,779 $
972
1,780
14,979
Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 504,198,962 shares issued and outstanding as of February 1, 2020;
517,761,600 shares issued and outstanding as of February 2, 2019.
Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.
See accompanying Notes to Consolidated Financial Statements.
43
6,042
6,017
(805)
11,297
41,290
W] 8
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47f5a366-bdbc-483a-b97a-c5d86d8e18d4%2Ffe33dbe1-7cee-4812-8f42-451d391ea68f%2Fjb2m62e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Deferred income taxes
Other noncurrent liabilities
Total noncurrent liabilities
Shareholders' investment
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total shareholders' investment
Total liabilities and shareholders' investment
M 3
$
Op
1,122
1,724
16,459
42
6,226
6,433
(868)
11,833
42,779 $
972
1,780
14,979
Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 504,198,962 shares issued and outstanding as of February 1, 2020;
517,761,600 shares issued and outstanding as of February 2, 2019.
Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.
See accompanying Notes to Consolidated Financial Statements.
43
6,042
6,017
(805)
11,297
41,290
W] 8
3
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