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givi [52]
3 years ago
15

Following is the income statement for Target Corporation. Prepare Target's common-size income statement for the fiscal year ende

d January 28, 2012. ($ millions) Fiscal year ended January 28, 2012 Sales $77,466 Net credit card revenues 1,399 Total revenues 78,865 Cost of sales 47,860 Selling, general and administrative expenses 14,106 Credit card expenses 446 Depreciation and amortization 2,131 Earnings before interest expense and income taxes 14,322 Net interest expense 866 Earnings before income taxes 13,456 Provision for income taxes 1,527 Net earnings $11,929 Note: Round your answers to one decimal place (ex: 0.0715 = 7.2%). TARGET CORPORATION Common-Size Income Statement Year Ended January 28, 2012 Sales Answer Net credit card revenues Answer Total revenues Answer Cost of sales Answer Selling, general and administrative expenses Answer Credit card expenses Answer Depreciation and amortization Answer Earnings before interest expense and income taxes Answer Net interest expense Answer Earnings before income taxes Answer Provision for income taxes Answer Net earnings Answer
Business
1 answer:
lara31 [8.8K]3 years ago
3 0

Answer:

Target Corporation

Common-Size Income Statement

Year ended:                                                                   January 28, 2012

Sales revenue                                                                       100.0%

Cost of sales                                                                               61.8%

Selling, general and administrative expenses                       18.2%

Depreciation and amortization                                               2.8%

Earnings from continuing operations before interest

expense and income taxes                                                        18.5%

Net interest expense                                                                1.1%

Earnings from continuing operations before income taxes      17.4%

Provision for income taxes                                                        2%

Net earnings from continuing operations                                15.4%

Every line item in the income statement is divided by the sales revenue.

Explanation:

Fiscal year ended January 28, 2012

Sales = $77,466

Net credit card revenues = 1,399

Cost of sales = 47,860

Selling, general and administrative expenses = 14,106

Credit card expenses = 446

Depreciation and amortization = 2,131

Earnings before interest expense and income taxes = 14,322

Net interest expense = 866

Earnings before income taxes = 13,456

Provision for income taxes = 1,527

Net earnings = $11,929

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