Unit 4 - Individual Project 4

Unit 4 Individual - Target FinancialAnalysis Operations Target Corporation Consolidated Statements of Operations(millions except per share data

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Target  Financial Analysis
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Consolidated Statements of  Operations Target Corporation Consolidated Statements of Operations (millions, except per share data) 2009 2008 2007 Sales 63,435 62,884 61,471 Credit card revenues 1,922 2,064 1,896 Total revenues 65,357 64,948 63,367 Cost of sales 44,062 44,157 42,929 Selling, general and administrative expenses 13,078 12,954 12,670 Credit card expenses 1,521 1,609 837 Depreciation and amortization 2,023 1,826 1,659 Earnings before interest expense and income taxes 4,673 4,402 5,272 Net interest expense Nonrecourse debt collateralized by credit card receivables 97 167 133 Other interest expense 707 727 535 Interest income (3) (28) (21) Net interest expense 801 866 647 Earnings before income taxes 3,872 3,536 4,625 Provision for income taxes 1,384 1,322 1,776 Net earnings 2,488 2,214 2,849 Basic earnings per share 3 3 3 Diluted earnings per share 3 3 3 Weighted average common shares outstanding Basic 752 770 845 Diluted 755 774 851
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Consolidated Balance Sheet Target Corporation Consolidated Balance Sheet As of December 31 2009 2008 Assets Cash and cash equivalents, including marketable securities of $1,617 and $302 2,200 864 Credit card receivables, net of allowance of $1,016 and $1,010 6,966 8,084 Inventory 7,179 6,705 Other current assets 2,079 1,835 Total current assets 18,424 17,488 Property and equipment Land 5,793 5,767 Buildings and improvements 22,152 20,430 Fixtures and equipment 4,743 4,270 Computer hardware and software 2,575 2,586 Construction-in-progress 502 1,763 Accumulated depreciation (10,485) (9,060) Property and equipment, net 25,280 25,756 Other noncurrent assets 829 862 Total assets 44,533 44,106 Liabilities and shareholders' investment Accounts payable 6,511 6,337 Accrued and other current liabilities 3,120 2,913 Unsecured debt and other borrowings 796 1,262 Nonrecourse debt collateralized by credit card receivables 900 - Total current liabilities 11,327 10,512 Unsecured debt and other borrowings 10,643 12,000 Nonrecourse debt collateralized by credit card receivables 4,475 5,490 Deferred income taxes 835 455 Other noncurrent liabilities
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This note was uploaded on 05/04/2011 for the course ACCT 205 taught by Professor Shanakoh during the Summer '10 term at AIU Online.

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Unit 4 Individual - Target FinancialAnalysis Operations Target Corporation Consolidated Statements of Operations(millions except per share data

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