Answer the following questions based on the $2023$ financial statements of CVS$.$ If working at night, for the S&P $500$ prices, use $^$GSPC in the search box to get to the S&P and not the futures

a$.$ Report a $3-$step analysis of the $2023$ income statement for CVS$.$ CVS is in the Healthcare support services industry. For step $1,$ gross profit is Product revenue $$ cost of products sold. For step $3,$ report the overall $\%$ changes, then analyze and comment on segment sales provided $($$ and $\%$ changes in the $3$ segment sales, using total revenues, as adjusted$).$

b$.$ What percent of accounts receivable does CVS expect to collect in $2024?$ What was this for $2023?$

c$.$ How many days on average does inventory sit on their shelves in the last two years? Inventory for

fiscal $2021$ was $17,760$

d$.$ See the segment data on page $5.$ Which segment performed best in $2023?$ There are two metrics

of performance to report for each of the three segments. Ignore corporate and ignore

intersegment eliminations

e$.$ CVS announced earnings before the market opened on the morning of February $7,2024.$ What

was the stock market percentage reaction to this announcement? Was the reaction justified?

There is an article about the earnings on Canvas. For a long$-$term return, go to $2/16/2024.$

f$.$ What was the calendar percentage stock market return, net of the S&P return, for calendar $2021,$

$2022,$ and $2023?$ Comment on whether the main accounting numbers support these returns. $2020$

total revenues were $268,706.$

g$.$ Between CVS and Walgreen$$s Boots Alliance $($ticker is WBA$)$

i$.$ Which firm is larger in terms of total revenues for the $2023$ fiscal year?

ii$.$ Which firm is larger in terms of market value, as of February $16,2024.$ CVS has $1\mathrm{.}26$ billion

shares outstanding, and Walgreens has $862\mathrm{.}38$ million shares outstanding

iii. Which firm had a larger profit margin in fiscal $2023?$ Provide support.

Bonus: What is the effective tax rate for the last three years? What is the rate based on cash paid for taxes? How do these compare to the top marginal corporate tax rate?