From the income statement, determine the income tax expense for the year ended February 3, 2018. Tie that number to the second table in Note 23, “Provision for Income Taxes” and prepare a summary journal entry that records Target’s income tax from continuing operations. (Note that your summary journal entry should only have 3 accounts total.)
| Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | ||
|---|---|---|---|---|
| Consolidated Statements of Operations – USD ($) shares in Millions, $ in Millions |
12 Months Ended | |||
| Income Statement [Abstract] | ||||
| Sales | $ 71,879 | $ 69,495 | $ 73,785 | |
| Cost of sales (a) | [1] | 51,125 | 49,145 | 52,241 |
| Gross margin | 20,754 | 20,350 | 21,544 | |
| Selling, general and administrative expenses | 14,248 | 13,356 | 14,665 | |
| Depreciation and amortization (exclusive of depreciation included in cost of sales) | [1] | 2,194 | 2,025 | 1,969 |
| Gain on sale | 0 | 0 | (620) | |
| Earnings from continuing operations before interest expense and income taxes | 4,312 | 4,969 | 5,530 | |
| Net interest expense | 666 | 1,004 | 607 | |
| Earnings from continuing operations before income taxes | 3,646 | 3,965 | 4,923 | |
| Provision for income taxes | 718 | 1,296 | 1,602 | |
| Net earnings from continuing operations | 2,928 | 2,669 | 3,321 | |
| Discontinued operations, net of tax | 6 | 68 | 42 | |
| Net earnings | $ 2,934 | $ 2,737 | $ 3,363 | |
| Basic earnings per share | ||||
| Continuing operations (in dollars per share) | $ 5.35 | $ 4.62 | $ 5.29 | |
| Discontinued operations (in dollars per share) | 0.01 | 0.12 | 0.07 | |
| Net earnings/(loss) per share (in dollars per share) | 5.36 | 4.74 | 5.35 | |
| Diluted earnings per share | ||||
| Continuing operations (in dollars per share) | 5.32 | 4.58 | 5.25 | |
| Discontinued operations (in dollars per share) | 0.01 | 0.12 | 0.07 | |
| Net earnings/(loss) per share (in dollars per share) | $ 5.33 | $ 4.70 | $ 5.31 | |
| Weighted average common shares outstanding | ||||
| Basic (in shares) | 546.8 | 577.6 | 627.7 | |
| Dilutive effect of share-based awards (in shares) | 3.5 | 4.9 | 5.2 | |
| Diluted (in shares) | 550.3 | 582.5 | 632.9 | |
| Antidilutive shares (in shares) | 4.1 | 0.1 | 0.0 | |
| Dividends declared per share (in dollars per share) | $ 2.46 | $ 2.36 | $ 2.20 | |
