Financial Statement Case Assignments are a collection of individual assignments whose total point value equals 160.
Please read the General Information and Instructions for the Financial Statement Case Assignments carefully before starting. Â
Make sure you know how the fiscal year for Target Corporation is presented by watching the video.Â
Financial Statement Case 10-1
Refer to the Target Corporation financial statements, including Notes 10, 11 and 12. Answer the following questions.
- Which depreciation method does Target Corporation use for reporting in the financial statements? What type of depreciation method does the company probably use for income tax purposes?
- What was the amount of depreciation and amortization expense for the year ending January 30, 2021?
- The statement of cash flows reports the cash purchases of property, plant, and equipment. How much were Targetâ€™s additions to property, plant, and equipment during the year ending January 30, 2021? Did Target record any proceeds from the sale of property, plant, and equipment?
- What was the amount of accumulated depreciation on January 30, 2021? What was the net book value of property, plant, and equipment for Target as of January 30, 2021?
- Compute Targetâ€™s asset turnover ratio for the year ending January 30, 2021. Round to two decimal places. How does Targetâ€™s ratio compare with that of Kohlâ€™s Corporation?