1. Based on the financial statements of Macy's Inc., calculate the following ratio for 2019 only unless otherwise stated. a. Activity ratios: Asset turnover; working capital turnover; inventory turnover; account receivable collection period; account payable collection period; b. Using the Dupont method, calculate the 5 components of Macy's Company's ROE for both 2017 and 2019. c. Evaluate the company's bankruptcy risk using Z-score. Balance Sheet (In Millions of US 5) 2017 2019 Assets Cash $ 1.455 S 685 Income Statement (In Millions of US S) 2017 Sales S 24.837 S 25.331 Cost of goods sold 15.152 15.171 Selling & General Administrative expense 8,131 8.998 Total non-operating income expense 276 (230) Interest expense 323 204 Income before taxes S 1,507 S 728 Income tax expense (29) 164 Net Income S 1.536 S 564 $ Accounts receivable Inventory Total current assets Property, plant, and equipment Accumulated depreciation Other long-term assets Total long-term assets Total assets 811937 5,178 5,188 7,444 $ 6,810 11,282 13.693 (4.610) (4.392) 5.265 5061 11.937 14.362 19,381 $ 21,172 $ 590 2,659 Liabilities and Equity Accrued liabilities Accounts payable Other current liabilities Current liabilities Long-term fiabilities Common stock Retained earnings Total liabilities and equity 662S 2,325 S 2.088 5,075 $ 8,645 2.501 5,750 9,045 $ 5.658 19,381 $ 6.374 21,172 The market value of Macy's equity is $4,940 million on 1/31/2020 and $1,528 million on 4/22/2020