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    Financial Statements

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    I really need help with the following. The attached are Target's financial statements.
    I do not even know how to begin.

    Describe the financial data found in the company's financial statements, including footnotes. Be sure to include a description of all four basic financial statements.

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    Solution Preview

    The response addresses the queries posted in 925 words with references.
    //Before writing about the basic financial statements, we will discuss about the definition and importance of financial statements for an organization. Then, we will write about the four basic financial statements. Firstly, we will write about the income statement and balance sheet. //

    Financial Statements

    The financial statements meet the common information needs of most of the users. They organize the summaries of detailed information about the performance and the financial position of a concern. They provide information about the financial strength, changes in the financial position and the performance of the concern. They include income statement, balance sheet, statement of retained earnings and cash-flow statement.

    An income statement shows the net results of the business operations during an accounting period. It is the summary of all the accounts that affect the profits or losses of any firm. The financial data given in the company's income statement shows that the gross and operating profit ratio of the company is increasing over the years but net profit ratio decreased in the year 2006 but is again increasing in the year 2007. The reason for the high net profit ratio in the year 2006 is the increase in income due to discontinued operations. The higher the three ratios, the greater is the capacity of the firm to withstand adverse economic conditions. This shows that the company is ...

    Solution Summary

    The response addresses the queries posted in 925 words with references.