Acc/362 Principles of Accounting 1 Financial Statements Paper I
Introduction
Target is a department store that was founded in Minneapolis, Minnesota. This company has been around for over a hundred years. Target started as Dayton’s in 1902. The market has had its up and downs and the financial records of Target are no different. The financial records show the assets and the liabilities and the balancing of the finances. The opening and closings are shown as well.
1. What are the company’s total assets at the end of its most recent annual reporting period?

Target Corporation’s fiscal year ends the Saturday closest to January 31. The total assets for the period ending January 30, 2010 are $44,533,000. Cash, short term investments, receivables, inventories, and other current assets totaled $18,424,000. The remaining $26,109,000 is comprised of other investments, property, plant, equipment, and other assets.

2. What are the total assets at the end of the previous annual reporting period?

Target’s current assets total for the period ending fiscal year 2008 is $44,106,000. Cash, short term investments, receivables, and other current assets totaled $17,488,000. The remaining $26,618,000 is comprised of other investments, property, plant, equipment, and other assets. The total assets for fiscal year 2009 decreased by $427,000 from fiscal year 2008.

3. How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?

Target Corporation had $583 million in cash and cash equivalents at the end of their fiscal year in 2010. This amount was almost $300 million less than the previous year.

4. What amount of accounts payable did the company have at the end of its most recent annual reporting period? The amount of accounts payable that Target Corporation had for January 31, 2009 was $6,337 million.

5. What amount of accounts payable did the company have at the end of the previous annual reporting period? The amount of accounts payable that Target Corporation had for January 31, 2010 was $6,511 million. Target Corporation was very please with it net earnings at the end of 2009. The company announced that it had net earnings of about $936 million for the January 2010 ending quarter which compared to January 2009 that had $609 million. This was a substantial increase in one year (Market Watch, 2010). This increase is due to stronger than expected holiday sales, controlled inventories and controlled expenses. These three factors helped to contribute the increase in