ncome Statement, Retained Earnings Statement, and Balance Sheet
The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 31.
In millionsAccounts payable$13,714Cash1,588Common stock5,724Cost of goods sold95,720Debt and other borrowings34,966Income tax expense3,054Interest expense1,732Inventories15,836Other assets5,684Other expenses5,154Other liabilities12,938Property, plant, and equipment58,298Sales136,932Selling, general, and administrative expenses28,212
1. Prepare Target's income statement for the year ending January 31.
Target CorporationIncome StatementFor the Year Ended January 31 (in millions)Sales
2. Prepare Target's retained earnings statement for the year ending January 31, 20Y2. If an amount box is zero, enter "0".
No common stock was issue during the year Retained earnings Feb. 1 of prior year $12,698Dividends 2,798Other stockholder equity items on Feb. 1 of prior year 1,104Increase in other stockholder equity items 0
Target CorporationStatement of Stockholders' EquityFor the Year Ended January 31 (in millions) Common StockRetained EarningsOther ItemsTotalBalances, Feb. 1 of prior year$$$$
Balances, January 31$$$$
Keep in mind that stockholders' equity increases with additional stock issues and also when the retained earnings balance increases through net income and gains. Stockholders' equity decreases when dividends are declared and paid and also when the retained earnings balance decreases through net losses.
3. Prepare a balance sheet as of January 31, for Target.
Target CorporationBalance SheetJanuary 31 (in millions)AssetsCash
Total stockholders' equity
Total liabilities and stockholders' equity