Following is the income statement for Target Corporation. Prepare Target's common-size income statement for the fiscal year ended January 28, 2012. ($ millions)Fiscal year ended January 28, 2012 Sales$77,466 Net credit card revenues1,399 Total revenues78,865 Cost of sales47,860 Selling, general and administrative expenses14,106 Credit card expenses446 Depreciation and amortization2,131 Earnings before interest expense and income taxes14,322 Net interest expense866 Earnings before income taxes13,456 Provision for income taxes1,527 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 SalesAnswer Net credit card revenuesAnswer Total revenuesAnswer Cost of salesAnswer Selling, general and administrative expensesAnswer Credit card expensesAnswer Depreciation and amortizationAnswer Earnings before interest expense and income taxesAnswer Net interest expenseAnswer Earnings before income taxesAnswer Provision for income taxesAnswer Net earningsAnswer

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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