The following financial data were adapted from a recent annual report of Target Corporation (TGT)…

The following financial data were adapted from a recent annual report of Target Corporation (TGT) for the year ending January 31.________________________________________________In millionsAccounts payable …………………………………………….. $ 7,759Cash ……………………………………………………………. 2,210Common stock ……………………………………………………. 53Cost of goods sold …………………………………………… 51,278Debt and other borrowings …………………………………… 12,705Income tax expense ……………………………………………. 1,204Interest expense …………………………………………………. 882Inventories …………………………………………………….. 8,790Other assets ……………………………………………………. 4,446Other expenses ………………………………………………… 6,214Other liabilities ………………………………………………… 6,943Property, plant, and equipment ………………………………. 25,958Sales ………………………………………………………….. 72,618Selling, general, and administrative expenses ……………….. 14,676Instructions1. Prepare Target’s income statement for the year ending January 31.2. Prepare Target’s statement of stockholders’ equity for the year ending January 31.Use the following additional information for the year:No common stock was issue during the yearRetained earnings Feb. 1 of prior year ………………………………. $12,599Dividends ………………………………………………………………. 1,319Other stockholder equity items on Feb.1 of prior year ………………… 3,579Increase in other stockholder equity items ……………………………….. 7213. Prepare a balance sheet as of January 31.View Solution:
The following financial data were adapted from a recent annual

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