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1. Suppose the comparative balance sheets of Nike, Inc. are presented here. NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) 2014 2013 Assets Current Assets Property, plant, and equipment (net) Other assets $9,842 2,003 1,477 $13,322 Total assets $8,902 1,943 1,618 $12,463 $3,296 1,324 8,702 $13,322 $3,350 1,337 7,776 $12,463 Liabilities and Stockholders' Equity Current Liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) Increase (Decrease) Percentage Change from 2013 2014 2013 $9,842 $8,902 Property, plant, and equipment (net) 2,003 1,943 % Other assets 1,477 1,618 % $13,322 $12,463 $3,296 $3,350 Long-term liabilities 1,324 1,337 % Stockholders' equity 8,702 7,776 % Assets Current Assets Total assets $ $ % % Liabilities and Stockholders' Equity Current Liabilities $ % Total liabilities and stockholders' equity $13,322 $ $12,463 (b) Prepare a vertical analysis of the balance sheet data for Nike for 2014. NIKE, INC. Condensed Balance Sheet May 31, 2014 $ (in millions) Percent Assets Current Assets $9,842 % Property, plant, and equipment (net) 2,003 % Other assets 1,477 % $13,322 % $3,296 % Long-term Liabilities 1,324 % Stockholders' equity 8,702 % Total assets Liabilities and Stockholders' Equity Current Liabilities Total liabilities and stockholders' equity $13,322 2. Here are comparative statement data for Prince Company and King Company, two competitors. All balance sheet data are as of December 31, 2014, and December 31, 2013. Net sales Cost of goods sold Prince Company 2014 2013 $1,936,500 1,082,500 King Company 2014 2013 $579,500 294,100 % Operating expenses Interest expense Income tax expense 253,200 8,700 66,800 Current assets Plant assets (net) Current liabilities Long-term liabilities 547,638 885,024 111,426 191,503 $524,849 840,000 127,369 151,200 140,004 234,743 59,385 49,762 $ 133,505 211,364 50,872 42,000 840,000 840,000 201,600 201,600 289,733 246,280 64,001 50,397 Common stock, $10 par Retained earnings 84,700 1,600 37,700 Don't show me this message again for the assignment (a) Prepare a vertical analysis of the 2014 income statement data for Prince Company and King Company. (Round all ratios to 1 decimal place, e.g. 2.5%) Condensed Income Statement For the Year Ended December 31, 2014 Prince Company Dollars King Company Percent Dollars Percent $1,936,500 % $579,500 % 1,082,500 % 294,100 % 854,000 % 285,400 % 253,200 % 84,700 % 600,800 % 200,700 % 8,700 % 1,600 % 592,100 % 199,100 % 66,800 % 37,700 % $525,300 % $161,400 The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 Net sales $1,898,939 Cost of goods sold 1,066,939 Gross profit 832,000 Selling and administrative expenses 508,399 Income from operations 323,601 Other expenses and losses Interest expense 23,699 Income before income taxes 299,902 Income tax expense 93,699 Net income $ 206,203 2013 $1,758,899 1,014,399 744,500 487,399 257,101 21,699 235,402 74,699 $ 160,703 OSBORNE COMPANY Balance Sheets December 31 Assets Current assets Cash Debt investments (short-term) Accounts receivable Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) 2014 2013 $ 60,100 74,000 126,199 127,699 387,998 663,039 $1,051,037 $ 64,200 50,000 111,199 117,199 342,598 534,339 $876,937 $ 168,399 45,199 213,598 234,039 447,637 $153,799 43,699 197,498 214,039 411,537 290,000 300,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 313,400 603,400 $1,051,037 165,400 465,400 $876,937 All sales were on account. Net cash provided by operating activities for 2014 was $241,840. Capital expenditures were $136,800, and cash dividends were $58,203. Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) $ (a) Earnings per share (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets % (l) Current cash debt coverage times (m) Cash debt coverage (n) Free cash flow times $ 3. Suppose selected financial data of Target and Wal-Mart for 2014 are presented here (in millions). Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Target Wal-Mart Corporation Stores, Inc. Income Statement Data for Year $65,346 $409,990 45,767 309,764 14,678 78,484 670 1,989 (82 ) (418 ) 1,495 6,748 Net income $ 2,654 $ 12,587 Current assets Noncurrent assets Balance Sheet Data (End of Year) $16,767 $49,957 26,823 121,054 Total assets $43,590 $171,011 Current liabilities Long-term debt Total stockholders' equity $10,794 18,161 14,635 $55,225 43,784 72,002 Total liabilities and stockholders' equity $43,590 $171,011 Total assets Total stockholders' equity Current liabilities Total liabilities Average net accounts receivable Average inventory Net cash provided by operating activities Capital expenditures Dividends Beginning-of-Year Balances $44,043 $163,013 13,136 65,576 10,018 54,218 30,907 97,437 Other Data $7,908 6,889 $4,164 33,539 5,761 25,678 1,780 467 12,191 3,799 (a) For each company, compute the following ratios. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) Target Wal-Mart (1) Current ratio. :1 :1 (2) Accounts receivable turnover. times times (3) Average collection period. days days (4) Inventory turnover. times times (5) Days in inventory. days days (6) Profit margin. % % (7) Asset turnover. times times (8) Return on assets. % % (9) Return on common stockholders' equity. % % (10) Debt to assets ratio. % % (11) Times interest earned. times times (12) Current cash debt coverage. times times (13) Cash debt coverage. times times (14) Free cash flow. $ $