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Grantham University Accounting Standards Board Discussion
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I’m working on a accounting discussion question and need an explanation and answer to help me learn.
Assume that you recently accepted an accounting position with Target Corporation. As one of your first duties, you have been assigned the responsibility of evaluating the financial statements and making a presentation to department leaders.
Use the following link https://investors.target.com/annual-reports to download Target’s most current annual report. Review the financial statements and answer the following questions:
- Explain why a set of financial statements (income statement, statement of owner’s equity, and balance sheet) are useful in evaluating the company’s performance and future planning.
- Explain what consolidated financial statements are and the additional information they provide.
- In terms of revenues, how many sources of revenue does Target have? Describe how they handle merchandise sales.
- Compute the current ratio for each of the last three years. Discuss if the current ratio improved, worsened, or held steady. Explain the significance of the changes and what the current ratio means.
