Chapter 11, Problem 11.1FSC

To determine

Current Liabilities in the Balance sheet: The current liabilities can be defined as the obligations of the entity of the amount due or owed to the creditors within a period of twelve months. At times, in long-term loans, a portion of the long-term debts, become due within a period of 12 months. That portion of the loan becomes current-liability for that period and is shown under the head current liabilities.

Requirement 1

To prepare

Target’s current liabilities at January 30, 2016.

To determine

Requirement 2:

To determine:

Times-interest-earned ratio for Target Corporation for the fiscal year 2015