A historical income statement and balance sheet for Boeing are given.

Boeing Company
BA 097023105 2108601 NYSE Common stock
Source: FactSet Fundamentals
	DEC '16	DEC '17	DEC '18	DEC '19
INCOME STATEMENT
Sales	94,571	94,005	101,127	76,559
Cost of Goods Sold (COGS) incl. D&A	80,790	76,612	81,490	72,068
Gross Income	13,781	17,393	19,637	4,491
SG&A Expense	8,243	7,274	7,836	6,427
EBIT (Operating Income)	5,538	10,119	11,801	-1,936
Nonoperating Income - Net	391	345	278	1,201
Interest Expense	306	360	475	722
Unusual Expense - Net	55	-3	0	802
Income Taxes	673	1,649	1,144	-1,623
Other After-Tax Adjustments	-3	-6	-7	0
Consolidated Net Income	4,892	8,452	10,453	-636
Minority Interest	0	0	0	0
Net Income	4,892	8,452	10,453	-636

Boeing Company
BA 097023105 2108601 NYSE Common stock
Source: FactSet Fundamentals
	DEC '16	DEC '17	DEC '18	DEC '19
BALANCE SHEET
Assets
Cash & Short-Term Investments	10,029	9,992	8,564	10,030
Short-Term Receivables	9,260	11,397	14,364	12,471
Inventories	43,199	61,388	62,567	76,622
Other Current Assets	0	2,417	2,335	3,106
Total Current Assets	62,488	85,194	87,830	102,229
Net Property, Plant & Equipment	12,807	12,672	12,645	13,684
Total Investments and Advances	1,317	1,260	1,087	1,092
Long-Term Note Receivable	4,272	3,249	2,662	2,380
Intangible Assets	7,864	8,132	11,269	11,398
Deferred Tax Assets	332	321	284	683
Other Assets	917	1,534	1,582	2,159
Total Assets	89,997	112,362	117,359	133,625
Liabilities & Shareholders' Equity
ST Debt & Curr. Portion LT Debt	384	1,335	3,190	7,592
Accounts Payable	11,190	12,202	12,916	15,553
Income Tax Payable	89	380	485	670
Other Current Liabilities	38,471	60,731	64,999	73,497
Total Current Liabilities	50,134	74,648	81,590	97,312
Long-Term Debt	9,568	9,782	10,657	20,940
Provision for Risks & Charges	25,859	22,016	19,907	20,816
Deferred Tax Liabilities	1,338	2,188	1,736	413
Other Liabilities	2,221	2,015	3,059	2,444
Total Liabilities	89,120	110,649	116,949	141,925
Common Equity	817	1,656	339	-8,617
Total Shareholders' Equity	817	1,656	339	-8,617
Accumulated Minority Interest	60	57	71	317
Total Equity	877	1,713	410	-8,300
Total Liabilities & Shareholders' Equity	89,997	112,362	117,359	133,625

You will perform a financial statement analysis using the ratios. Calculate the following for each historical year using Excel formulas and functions.

1. Annual growth rate in sales (percent change in sales)

2. Current ratio

3. Quick ratio

4. Days sales outstanding (DSO)

5. Days inventory outstanding (DIO)

6. Days payables outstanding (DPO)

7. Gross profit margin

8. Operating profit margin

9. Net profit margin

10. Debt-to-assets (in this case, debt refers to all liabilities)

11. Debt-to-equity (in this case, debt refers to all liabilities and equity refers to all sources of equity)

12. Times interest earned (TIE)

	2014	2015	2016	2017		2-yr Average
Day Count	365
Sales Growth
Annual Growth Rate	n/a
Liquidity Ratios
Current Ratio
Quick Ratio
Efficiency Ratios
Days Sales Outstanding
Days Inventory Outstanding
Days Payables Outstanding
Profitability Ratios
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Leverage Ratios