1.

The comparative condensed balance sheets of Gurley Corporation are presented below.

GURLEY CORPORATION Comparative Condensed Balance Sheets December 31
		2015		2014
Assets
Current assets		$ 75,460		$ 80,140
Property, plant, and equipment (net)		97,770		88,530
Intangibles		28,320		38,780
Total assets		$201,550		$207,450
Liabilities and stockholders equity
Current liabilities		$ 42,270		$ 48,870
Long-term liabilities		143,610		149,010
Stockholders equity		15,670		9,570
Total liabilities and stockholders equity		$201,550		$207,450

Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2014 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

GURLEY CORPORATION Condensed Balance Sheets December 31
		2015		2014			Increase (Decrease)		Percentage Change from 2014
Assets
Current Assets		$75,460		$80,140			$		%
Property, Plant & Equipment (net)		97,770		88,530					%
Intangibles		28,320		38,780					%
Total assets		$201,550		$207,450			$		%
Liabilities and Stockholders' Equity
Current Liabilities		$42,270		$48,870			$		%
Long-term Liabilities		143,610		149,010					%
Stockholders' Equity		15,670		9,570					%
Total liabilities and stockholders' equity		$201,550		$207,450			$		%

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Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2015. (Round percentages to 1 decimal place, e.g. 12.3%.)

GURLEY CORPORATION Condensed Balance Sheet December 31, 2015
		Amount		Percent
Assets
Current Assets		$75,460		%
Property, Plant, and Equipment		97,770		%
Intangibles		28,320		%
Total assets		$201,550		%
Liabilities and Stockholders' Equity
Current Liabilities		$42,270		%
Long-term Liabilities		143,610		%
Stockholders' Equity		15,670		%
Total liabilities and stockholders' equity		$201,550		%

2.

Selected financial data of Target and Wal-Mart for a recent year are presented here (in millions).

		Target Corporation		Wal-Mart Stores, Inc.
		Income Statement Data for Year
Net sales		$61,471		$374,526
Cost of goods sold		41,895		286,515
Selling and administrative expenses		16,200		70,847
Interest expense		647		1,798
Other income (expense)		1,896		4,273
Income tax expense		1,776		6,908
Net income		$ 2,849		$ 12,731
		Balance Sheet Data (End of Year)
Current assets		$18,906		$ 47,585
Noncurrent assets		25,654		115,929
Total assets		$44,560		$163,514
Current liabilities		$11,782		$ 58,454
Long-term debt		17,471		40,452
Total stockholders equity		15,307		64,608
Total liabilities and stockholders equity		$44,560		$163,514
		Beginning-of-Year Balances
Total assets		$37,349		$151,587
Total stockholders equity		15,633		61,573
Current liabilities		11,117		52,148
Total liabilities		21,716		90,014
		Other Data
Average net accounts receivable		$ 7,124		$ 3,247
Average inventory		6,517		34,433
Net cash provided by operating activities		4,125		20,354

(a) For each company, compute the following ratios. (Round all answers to 1 decimal place, e.g.1.6, or 1.6% .)

		Ratio		Target			Wal-Mart
(1)		Current			:1			:1
(2)		Accounts receivable turnover
(3)		Average collection period
(4)		Inventory turnover
(5)		Days in inventory
(6)		Profit margin			%			%
(7)		Asset turnover
(8)		Return on assets			%			%
(9)		Return on common stockholders equity			%			%
(10)		Debt to total assets			%			%
(11)		Times interest earned