Accounting Question

Instructions:

Refer to the financial statements of Target post (TargetPartial.pdf). All dollar amounts are in millions.

Required:

Skim the annual report. Look at the income statement, balance sheet, and cash flow statement closely and attempt to infer what kinds of information they report. Then, answer the following questions based on the report using the AI tool of your choice. Note: The correct answers are provided on the last page of this handout.

1.What best describes the types of products Target sells?

2.On what date does Target’s most recent reporting year end?

3.For how many years does it present complete balance sheets, income statements, and cash flow statements?

4.Are its financial statements audited by independent CPAs? How do you know?

5.Did its total assets increase or decrease over the last year?

6.What was the value of inventory the company had as of January 30, 2021, in millions (accountants would call this the ending balance)?

7.Write out the basic accounting (balance sheet) equation and provide the values in millions of dollars reported by the company as of January 30, 2021.

General Description

In this assignment, you’ll be harnessing the power of Artificial Intelligence (AI) for financial statement analysis. Follow the guidelines below to ensure you meet all the requirements:

1. AI Tool Selection:

– Choose an AI tool that you’re comfortable with or curious about. This tool will assist you in analyzing financial statements.

2. Answering the Questions:

– Utilize the list of questions provided to guide your exploration and analysis. As you work through each question, remember to interact with the AI tool and note down its responses.