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Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions) Amount Classification $61,471 7,887 12,761 1,659 2,849 24,095 13,704 8,054 29,253 15,307 Sales Accumulated depreciation Retained earnings Depreciation expense Net income Property, plant & equipment, net Selling, general & administrative expense Accounts receivable Total liabilities Stockholders' equity + ♦ + ◆ ◆ ♦ ♦ (b) Using the data, compute total assets and total expenses. Total Assets =$ Total Expenses = $

Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions) Amount Classification $61,471 7,887 12,761 1,659 2,849 24,095 13,704 8,054 29,253 15,307 Sales Accumulated depreciation Retained earnings Depreciation expense Net income Property, plant & equipment, net Selling, general & administrative expense Accounts receivable Total liabilities Stockholders' equity + ♦ + ◆ ◆ ♦ ♦ (b) Using the data, compute total assets and total expenses. Total Assets =$ Total Expenses = $

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.6P: Single-Step Income Statement The following income statement items, arranged in alphabetical order,...
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Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions) Amount Classification $61,471 Sales Accumulated depreciation Retained earnings Depreciation expense Net income 7,887 12,761 1,659 2,849 Property, plant & equipment, net 24,095 Selling, general & administrative expense 13,704 Accounts receivable 8,054 Total liabilities 29,253 Stockholders' equity 15,307 45 ◆ 46 ⇓⇓⇓ ◆ ◆ 4 4 (b) Using the data, compute total assets and total expenses. Total Assets |= $ Total Expenses = $
Transcribed Image Text:Identifying and Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). ($ millions) Amount Classification $61,471 Sales Accumulated depreciation Retained earnings Depreciation expense Net income 7,887 12,761 1,659 2,849 Property, plant & equipment, net 24,095 Selling, general & administrative expense 13,704 Accounts receivable 8,054 Total liabilities 29,253 Stockholders' equity 15,307 45 ◆ 46 ⇓⇓⇓ ◆ ◆ 4 4 (b) Using the data, compute total assets and total expenses. Total Assets |= $ Total Expenses = $
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