1. Locate the audited financial statements in the 2019 Walmart Annual Report and 2019 Target Annual Report.

2. Using the 2019 income statement, prepare a horizontal analysis for both companies. (you will also need 2018 to complete this step)

3. Using the 2019 balance sheet, prepare a vertical analysis for both companies. You can perform this using only the key accounts/subtotals. Ie. Cash, A/R, Inventory, current assets, PP&E, Total Assets, A/P, current liabilities, Debt, Owners Equity. Each company may have a little different account structure, but the main subtotals will be available for both companies.

4. Perform the following ratios: Current, Quick, A/R Turnover/Inventory Turnover/Debt to Equity, times interest earned, gross profit, profit margin, return on assets, return on sales (refer to Chapter 13 exhibit 13-3

5. List 3 observations from your calculations that demonstrate you have analyzed both companies.