c$.$Statement of Cash Flows: Are cash flows from operations more or less than net income for the past two years? Is the company expanding through investing activities? What is the companys most important source of financing? Overall, has cash increased or decreased over the past two years?

i$.$

ii$.$

iii.

iv$.$

d$)$Accounting Policiesa.What are the significant accounting policies, if any, relating to revenue recognition, cash, short$-$term investments, merchandise inventories, and property and equipment?

i$.$

e$)$Financial Analysisa.For the past two years, calculate and discuss the significance of the ratios listedbelow. Your discussion should not be limited to stating if the ratios increased ordecreased; it should include commentary on what the changes in the ratios mean for the business. Are the changes favorable or unfavorable?

i$.$Liquidity Ratios

$1.$Working capital

$2.$Current ratio

$3.$Receivable turnover

$4.$Average days sales uncollected

$5.$Inventory turnover.

$6.$ Average days inventory on hand

$7.$Payables turnover

$8.$Average days payable

$9.$Operating cycle

$10.$Financing period

ii$.$Profitability Ratios

$1.$Profit margin.

$2.$Asset turnover

$3.$Return on assets.

$4.$Return on equity.

iii.Long$-$Term Solvency Ratios

$1.$Debt$-$to$-$equity

$2.$Interest coverageiv.Cash Flow Adequacy$1.$Cash flow yield.

$2.$Cash flows to sales.

$3.$Cash flows to assets.

$4.$Free cash flow

A$)$Market Strength Ratios

a$.$Price$/$earnings per share

b$.$Dividends yield

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