Instructions for final project:

1.Locate the audited financial statements in the 2019 Walmart Annual Report and 2019 Target Annual Report.

2.Using the 2019 income statement, need a horizontal analysis for both companies. (you will also need 2018 to finish step)

3.Using the 2019 balance sheet, need vertical analysis for both companies. You can perform this using only the key accounts/subtotals. Ie. Cash, A/R, Inventory, current assets, PP&E, Total Assets, A/P, current liabilities, Debt, Owners Equity. Each company may have a little different account structure, but the main subtotals will be available for both companies.

4.Perform the following ratios: Current, Quick, A/R Turnover/Inventory Turnover/Debt to Equity, times interest earned, gross profit, profit margin, return on assets, return on sales (refer to Chapter 13 exhibit 13-3

5.List 3 observations from your calculations that demonstrate you have analyzed both companies.