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Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes...

Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material is also available under the Investor Relations link at the company’s website (www.target.com).

Required:
1. By what name does Target label its income statement?
2. What amounts did Target report for items llisted below for the year ended February 3, 2018. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
3. Does Target report any items as part of its comprehensive income?
4. Does Target prepare the statement of cash flows using the direct method or the indirect method?
5. Which is higher, and what is the biggest reason why?
6. What is the largest investing cash flow and the largest financing cash flow reported by the company for the year ended February 3, 2018.

1.   Target's label
2.   a.   Sales
b.   Gross margin
c.   Earnings from continuing operations before income taxes
d.   Net earnings from continuing operations
e.   Net earnings  
3.   Does Target report any items as part of its comprehensive income?   
4.   Does Target prepare the statement of cash flows using the direct method or the indirect method?   
5.   Which is higher, and what is the biggest reason why?
6.   a.   The largest investing cash flow is the outflow from expenditures for:
b.   The largest financing cash flow is the outflow from expenditures for:


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Answer #1

1. Consolidate Statement of Operations

2.
a.   Sales - 71879
b.   Gross margin - 20754
c.   Earnings from continuing operations before income taxes - 3646
d.   Net earnings from continuing operations - 2928
e.   Net earnings - 2934

3.
Yes
Pension and other benefit liabilities
Currency Translation adjustment

4. Indirect Method
It is evident from cash flow statement with adjustments being made to net earnings

5.
Question is not clear, from what which is higher?

6.
a. Expenditures for property and equipment
b. Reduction of long term debt

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Answer #2
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answered by: harley kolinsky
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