Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)

12th Edition

ISBN: 9780134486826

Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae

Publisher: PEARSON

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Textbook Question

Chapter 9, Problem 9.1FSC

Financial Statement Case 9-1

Use Target Corporation’s Fiscal 2015 Annual Report and the Note 9 data on “Credit Card
Receivables Transaction” to answer the following questions. Visit
http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s annual report.

Requirements

How much accounts receivable did Target report on its balance sheet as of January 30, 2016? As of January 31, 2015?
Target accepts customer payments via Target brand credit cards. Refer to Note 9, “Credit Card Receivables Transaction.” How does Target account for these credit card sales?
Refer to Note 9. What are the advantages to Target in handling Target brand credit card transactions as it does? What are Target’s responsibilities concerning these credit cards?
Compute Target’s acid-test ratio as of January 30, 2016 and January 31, 2015. Did the ratio improve or deteriorate? For each date, if all the current liabilities came due immediately, could Target pay them?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 9 Solutions

Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)

Ch. 9 - 1. With good internal controls, the person who...Ch. 9 - Which of the following is a limitation of the...Ch. 9 - 3. The entry to record a write-off of an...Ch. 9 - Brickman Company uses the allowance method to...Ch. 9 - Brickman’s ending balance of accounts Receivable...Ch. 9 - During the year, Bernard Company had net credit...Ch. 9 - At December 31 year-end, Crain Company has an...Ch. 9 - Using the data in the preceding question, what...Ch. 9 - At year-end, Schultz Company has cash of $11,600,...Ch. 9 - Using the data in the preceding question, assume...

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