What Are The Differences And Similarities Between Their Income Statements

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RUNNING HEAD: FINANCIAL STATEMENTS 1

Walmart Inc. and Target's Financial Statements

Name:

Institution Affiliation:

Date:

FINANCIAL STATEMENTS 2

What are the differences and similarities between their income statements?

Walmart Inc. and Target Corporation are retail companies headquartered in the U.S.

There are several similarities and differences in how the two companies present their

financial statements. Foremost, the income statements of both companies included similar

line items such as total revenue, operating income and comprehensive income. Secondly, the

two companies' income statements in their 2020 annual reports included financial data over

three years. Specifically, the income statements included data for the years 2018, 2019 and

2020 (Target Corporation, 2021). Thirdly, the financial data in both companies' income

statements were presented in millions except for per share data.

The income statements of the two companies also differed in several ways. Firstly,

unlike Walmart, which referred to the statement as the consolidated income statement, Target

referred to it as the consolidated statement of operations. Secondly, Walmart's income

statement had more line items than Target's income statement. Additional items in Walmart's

income statement included items on which the company pays interest, such as debt and

capital leases.

What are the differences and similarities between their balance sheets? What

classifications are presented?

The balance sheets of Walmart Inc. and Target Corporation for the financial year

2020 were similar in several ways. Foremost, the accounts of the two balance sheets have

similar classifications that facilitate readability. In particular, they both had three major

classifications, which are assets, liabilities and equity. The liabilities and assets are further

divided into non-current and current. Secondly, even though the annual reports were for the

fiscal year 2020, both companies reported financial data for years 2019 and 2020 in their

balance sheets. Thirdly, in both balance sheets, the total assets of both companies were equal

to their total liabilities and equity.

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RUNNING HEAD: FINANCIAL STATEMENTS Walmart Inc. and Target's Financial Statements Name: Institution Affiliation: Date: 1 FINANCIAL STATEMENTS 2 What are the differences and similarities between their income statements? Walmart Inc. and Target Corporation are retail companies headquartered in the U.S. There are several similarities and differences in how the two companies present their financial statements. Foremost, the income statements of both companies included similar line items such as total revenue, operating income and comprehensive income. Secondly, the two companies' income statements in their 2020 annual reports included financial data over three years. Specifically, the income statements included data for the years 2018, 2019 and 2020 (Target Corporation, 2021). Thirdly, the financial data in both companies' income statements were presented in millions except for per share data. The income statements of the two companies also differed in several ways. Firstly, unlike Walmart, which referred to the statement as the consolidated income statement, Target referred to it as the consolidated statement of operations. Secondly, Walmart's income statement had more line item ...
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