ANALYZING FINANCIAL RESULTS - HERSHEY Using the attached financial statements of Hershey Company complete the following financial statement analyses. Complete the following for the balance sheet of Hershey Company: Vertical analysis for 2011 Horizontal analysis comparing 2011 and 2010 Calculate the following financial ratios for 2011 (show your work) for Hershey Company: Liquidity Ratios Current ratio = Current Assets / Current Liabilities Quick ratio = (Current Assets – Inventory) / Current Liabilities Efficiency Ratios Inventory turnover = COGS / Average inventory Inventory period = 365 / Inventory turnover Accounts receivable turnover = Credit sales / Average receivables Receivables period = 365 / Receivables turnover Payable turnover = COGS / Average payables Payables period = 365 / Payable turnover Operating cycle = Inventory period plus Receivables period (number of days from inventory purchase to receipt of cash) Cash cycle = Operating cycle less Payables period (number of days from time cash is paid out to when cash is received) Submission guidelines Show your calculations