Jan. 31, 2018 Jan. 31, 2017 Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Jan. 31, 2018 Jan. 31, 2016 Jan. 31, 2017 Jan. 31, 2016 Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Receivables, net Inventories $ 6,756 5,614 43,783 $ 6,867 5,835 43,046 $ 10,523 $ 478,614 3,516 $ 14,293 $ 15,080 482,130 3,511 59,664 1,941 57,689 10,080 761 9,454 (672) 10,529 (304) 3,136 1,210 360,984 97,041 24,105 206 1,410 185,154 (77,479) 107,675 179,492 (71,782) 107,710 (402) 1,021 2,027 521 (19) -703 2,008 1,466 3,942 (1,074) -140 4,086 928 (557) 28,337 (81) 2,467 12,703 (5,560) 7,143 18,242 11,798 204,522 11,637 (5,169) 6,468 17,037 9,921 198,825 (472) 1,280 492 31,673 27,552 21,638 6,558 15,080 (386) 14,694 Prepaid expenses and other Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net Goodwill Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Fauitv: Information & Instructions Walmart Amazon Cash flows from operating activities: Consolidated net income Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Gain (loss) on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock (10,051) 378 1,046 (10,619) 456 662 (1,901) (2,463) (122) (13,987) (11,477) 635 246 0 $4.58 $ 4.57 (375) (58) (9,060) (79) (10,675) 5,257 46,092 22,122 645 3,738 667 78,521 30,045 6,780 8,354 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 3,207 3,217 1.96 (1,673) 137 (2,055) 1,235 39 (4,432) 4,148 7,476 (13,061) (3,059) (6,124) 18.296) (6,216) (8.298) (6,294) 14.112) Ratios Ratio Formulas 21,638 11,798 204,522 9,921 198,825 6,558 15,080 (386) 14,694 (10,051) 378 1,046 (10,619) 456 662 (1,901) (2,463) (11,477) 635 246 0 (375) (58) (9,060) $4.58 $ 4.57 (122) (79) (10,675) (13,987) Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5,257 46,092 22,122 645 3,738 667 78,521 30,045 6,780 8,354 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 3,207 3,217 1.96 (1,673) 137 (2,055) 1,235 39 (4,432) Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid 295 2,648 85,107 (10,181) 77,869 2,953 80,822 $ 204,522 305 2,371 89,354 (14,232) 77,798 2,737 80,535 $ 198,825 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) 487 (111) 6,867 6,756 (6,216) (8,298) (479) (90) (398) (19,072) (452) (1,838) 8,705 6,867 (6,294) (4,112) (719) (1,326) (676) (16,285) (1,022) (430) 9,135 8,705 6,179 $2,450 4,507 $2,351 8,111 $2,540 Consolidated Balance Sheets - USD ($) $ in Millions Dec. 31, 2018 Dec. 31, 2017 Consolidated Statements of Cash Flows - USD ($) $ in Millions Current assets: 12 Months Ended Dec. 31, Dec. 31, Dec. 31, 2018 2017 2016 $21,856 $19,934 $16,175 Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net $ 31,750 9,500 17,174 16,677 75,101 61,797 $ 20,522 10,464 16,047 13,164 60,197 48,866 10,073 3,033 2,371 15,341 11,478 8,116 5,418 14,548 11,202 162,648 13,350 8,897 131,310 274 219 4,215 202 (292) (29) 2,975 160 (20) (246) 441 38,192 23,663 6,536 68,391 23,495 27,213 34,616 18,170 5,097 57,883 24,743 20,975 Statement of Cash Flows [Abstract] CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash from operating activities: Depreciation of property and equipment and other amortization, including capitalized content costs Stock-based compensation Other operating expense, net Other expense (income), net Deferred income taxes Changes in operating assets and liabilities: Inventories Accounts receivable, net and other Accounts payable Accrued expenses and other Unearned revenue Net cash provided by (used in) operating activities INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from property and equipment incentives Acquisitions, net of cash acquired, and other Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other (1,314) (4,615) 3,263 (3,583) (4,780) 7,100 283 738 18,365 (1,426) (3,436) 5,030 1,724 1,955 17,203 472 Goodwill Other assets Total assets Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $0.01 par value: Authorized shares - 500 Issued and outstanding shares - none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 507 and 514 Outstanding Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Information & Instructions Walmart Amazon Ratios 1,151 30,723 (1,837) 26,791 (1,035) 19,625 43,549 $ 162,648 Ratio Formulas (1,837) 21,389 (484) 8,636 27,709 $ 131,310 (13,427) 2,104 (2,186) 8,240 (7,100) (12,369) (11,955) 1,897 (13,972) 9,677 (12,731) (27,084) (7,804) 1,067 (116) 4,577 (7,240) (9,516) 768 16,228 618 Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 26,791 (1,035) 19,625 43,549 $ 162,648 21,389 (484) 8,636 27,709 $ 131,310 8,240 (7,100) (12,369) 9,677 (12,731) (27,084) 4,577 (7,240) (9,516) Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other Repayments of long-term debt and other Principal repayments of capital lease obligations Principal repayments of finance lease obligations Net cash provided by (used in) financing activities Foreign currency effect on cash, cash equivalents, and restricted cash Net increase (decrease) in cash, cash equivalents, and restricted cash CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for interest on capital and finance lease obligations Cash paid for income taxes, net of refunds Property and equipment acquired under capital leases Property and equipment acquired under build-to-suit leases 768 (668) (7,449) (337) (7,686) (351) 10,317 32,173 16,228 (1,301) (4,799) (200) 9,928 713 1,922 21,856 618 (327) (3,860) (147) (3,716) (212) 3,759 19,934 854 575 1,184 10,615 3,641 328 319 957 9,637 3,541 290 206 412 5,704 1,209 Information & Instructions Walmart Amazon Ratios Ratio Formulas + PROJECT INFORMATION You have been given financial statements for Amazon and Walmart (Income Statement, Balance Sheet, and Statement of Cash Flows). For this project, you will use the information in those statements to compute the ratios requested on the Ratios Tab. Current year information is Fiscal or Calendar year ended 2018 for both companies. SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: Determine what amounts are needed to calculate the ratios requested. For example you need Current Assets and Current Liabilities to compute the Current Ratio. Enter the names of the items needed in the boxes in column A for each of the ratios. See Ratios Tab, column A for Current Ratio. Next, use the cell reference function and any other necessary formulas to enter the numbers for each of the items for each of the companies in the boxes under the requested ratios. Again see Ratios Tab Columns C and E for the Current Ratio for Walmart and for Amazon. Next use the numbers you have entered to calculate the ratios requested Again see the Ratios Tah Columns Next use the numbers you have entered to calculate the ratios requested. Again see the Ratios Tab Columns C and E for Current Ratio for Walmart and for Amazon. ROUND ALL RATIO AMOUNTS TO 3 DECIMAL PLACES Repeat the steps for each of the ratios listed on the Ratio Tab Assume all sales were on credit where necessary. COGS can also be called Cost of Sales Income Tax Expense can also be called the Provision for Income Taxes Remember to consider the Statement of Cash Flows when trying to determine cash spent for any particular items. Final step - So that we can see your use of formulas you must use the following steps to display your formulas for the ratios on the Ratios Formula Tab. Copy all of the Ratios information from the Ratios Tab to the Datin formalan toh Uimhlicht the entire rotias information aren ondoreca the latalll love and the love Repeat the steps for each of the ratios listed on the Ratio Tab Assume all sales were on credit where necessary. COGS can also be called Cost of Sales Income Tax Expense can also be called the Provision for Income Taxes Remember to consider the Statement of Cash Flows when trying to determine cash spent for any particular items. Final step - So that we can see your use of formulas you must use the following steps to display your formulas for the ratios on the Ratios Formula Tab. Copy all of the Ratios information from the Ratios Tab to the Ratios formulas tab. Highlight the entire ratios information area and press the "ctrl" key and the "_" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed on the Ratio Formulas Tab page and the numbers displayed on the Ratios Tab. 18 Debt to Asset Ratio 19 20 21 Total Liabilities 23 Total Assests 25 26 Return on Equity 28 Net Income 29 30 Equity 33 34 Return on Assets 35 36 Net Income 59 receivable 60 61 62 Times Interest Earned 63 64 Net income 65 66 Interest Expense 67 68 Income tax expense 69 70 71 Free Cash Flow 72 73 operating 74 75 76 Capital expenditures 78 Cash Dividens - Gross Profit Rate - Gross profit Net Sales Profit Margin Net Sales - Asset Turnover -Net Sales Average total Assests Jan. 31, 2018 Jan. 31, 2017 Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Jan. 31, 2018 Jan. 31, 2016 Jan. 31, 2017 Jan. 31, 2016 Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Receivables, net Inventories $ 6,756 5,614 43,783 $ 6,867 5,835 43,046 $ 10,523 $ 478,614 3,516 $ 14,293 $ 15,080 482,130 3,511 59,664 1,941 57,689 10,080 761 9,454 (672) 10,529 (304) 3,136 1,210 360,984 97,041 24,105 206 1,410 185,154 (77,479) 107,675 179,492 (71,782) 107,710 (402) 1,021 2,027 521 (19) -703 2,008 1,466 3,942 (1,074) -140 4,086 928 (557) 28,337 (81) 2,467 12,703 (5,560) 7,143 18,242 11,798 204,522 11,637 (5,169) 6,468 17,037 9,921 198,825 (472) 1,280 492 31,673 27,552 21,638 6,558 15,080 (386) 14,694 Prepaid expenses and other Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net Goodwill Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Fauitv: Information & Instructions Walmart Amazon Cash flows from operating activities: Consolidated net income Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Gain (loss) on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock (10,051) 378 1,046 (10,619) 456 662 (1,901) (2,463) (122) (13,987) (11,477) 635 246 0 $4.58 $ 4.57 (375) (58) (9,060) (79) (10,675) 5,257 46,092 22,122 645 3,738 667 78,521 30,045 6,780 8,354 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 3,207 3,217 1.96 (1,673) 137 (2,055) 1,235 39 (4,432) 4,148 7,476 (13,061) (3,059) (6,124) 18.296) (6,216) (8.298) (6,294) 14.112) Ratios Ratio Formulas 21,638 11,798 204,522 9,921 198,825 6,558 15,080 (386) 14,694 (10,051) 378 1,046 (10,619) 456 662 (1,901) (2,463) (11,477) 635 246 0 (375) (58) (9,060) $4.58 $ 4.57 (122) (79) (10,675) (13,987) Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5,257 46,092 22,122 645 3,738 667 78,521 30,045 6,780 8,354 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 3,207 3,217 1.96 (1,673) 137 (2,055) 1,235 39 (4,432) Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid 295 2,648 85,107 (10,181) 77,869 2,953 80,822 $ 204,522 305 2,371 89,354 (14,232) 77,798 2,737 80,535 $ 198,825 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) 487 (111) 6,867 6,756 (6,216) (8,298) (479) (90) (398) (19,072) (452) (1,838) 8,705 6,867 (6,294) (4,112) (719) (1,326) (676) (16,285) (1,022) (430) 9,135 8,705 6,179 $2,450 4,507 $2,351 8,111 $2,540 Consolidated Balance Sheets - USD ($) $ in Millions Dec. 31, 2018 Dec. 31, 2017 Consolidated Statements of Cash Flows - USD ($) $ in Millions Current assets: 12 Months Ended Dec. 31, Dec. 31, Dec. 31, 2018 2017 2016 $21,856 $19,934 $16,175 Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net $ 31,750 9,500 17,174 16,677 75,101 61,797 $ 20,522 10,464 16,047 13,164 60,197 48,866 10,073 3,033 2,371 15,341 11,478 8,116 5,418 14,548 11,202 162,648 13,350 8,897 131,310 274 219 4,215 202 (292) (29) 2,975 160 (20) (246) 441 38,192 23,663 6,536 68,391 23,495 27,213 34,616 18,170 5,097 57,883 24,743 20,975 Statement of Cash Flows [Abstract] CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash from operating activities: Depreciation of property and equipment and other amortization, including capitalized content costs Stock-based compensation Other operating expense, net Other expense (income), net Deferred income taxes Changes in operating assets and liabilities: Inventories Accounts receivable, net and other Accounts payable Accrued expenses and other Unearned revenue Net cash provided by (used in) operating activities INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from property and equipment incentives Acquisitions, net of cash acquired, and other Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other (1,314) (4,615) 3,263 (3,583) (4,780) 7,100 283 738 18,365 (1,426) (3,436) 5,030 1,724 1,955 17,203 472 Goodwill Other assets Total assets Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $0.01 par value: Authorized shares - 500 Issued and outstanding shares - none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 507 and 514 Outstanding Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Information & Instructions Walmart Amazon Ratios 1,151 30,723 (1,837) 26,791 (1,035) 19,625 43,549 $ 162,648 Ratio Formulas (1,837) 21,389 (484) 8,636 27,709 $ 131,310 (13,427) 2,104 (2,186) 8,240 (7,100) (12,369) (11,955) 1,897 (13,972) 9,677 (12,731) (27,084) (7,804) 1,067 (116) 4,577 (7,240) (9,516) 768 16,228 618 Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 26,791 (1,035) 19,625 43,549 $ 162,648 21,389 (484) 8,636 27,709 $ 131,310 8,240 (7,100) (12,369) 9,677 (12,731) (27,084) 4,577 (7,240) (9,516) Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other Repayments of long-term debt and other Principal repayments of capital lease obligations Principal repayments of finance lease obligations Net cash provided by (used in) financing activities Foreign currency effect on cash, cash equivalents, and restricted cash Net increase (decrease) in cash, cash equivalents, and restricted cash CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for interest on capital and finance lease obligations Cash paid for income taxes, net of refunds Property and equipment acquired under capital leases Property and equipment acquired under build-to-suit leases 768 (668) (7,449) (337) (7,686) (351) 10,317 32,173 16,228 (1,301) (4,799) (200) 9,928 713 1,922 21,856 618 (327) (3,860) (147) (3,716) (212) 3,759 19,934 854 575 1,184 10,615 3,641 328 319 957 9,637 3,541 290 206 412 5,704 1,209 Information & Instructions Walmart Amazon Ratios Ratio Formulas + PROJECT INFORMATION You have been given financial statements for Amazon and Walmart (Income Statement, Balance Sheet, and Statement of Cash Flows). For this project, you will use the information in those statements to compute the ratios requested on the Ratios Tab. Current year information is Fiscal or Calendar year ended 2018 for both companies. SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: Determine what amounts are needed to calculate the ratios requested. For example you need Current Assets and Current Liabilities to compute the Current Ratio. Enter the names of the items needed in the boxes in column A for each of the ratios. See Ratios Tab, column A for Current Ratio. Next, use the cell reference function and any other necessary formulas to enter the numbers for each of the items for each of the companies in the boxes under the requested ratios. Again see Ratios Tab Columns C and E for the Current Ratio for Walmart and for Amazon. Next use the numbers you have entered to calculate the ratios requested Again see the Ratios Tah Columns Next use the numbers you have entered to calculate the ratios requested. Again see the Ratios Tab Columns C and E for Current Ratio for Walmart and for Amazon. ROUND ALL RATIO AMOUNTS TO 3 DECIMAL PLACES Repeat the steps for each of the ratios listed on the Ratio Tab Assume all sales were on credit where necessary. COGS can also be called Cost of Sales Income Tax Expense can also be called the Provision for Income Taxes Remember to consider the Statement of Cash Flows when trying to determine cash spent for any particular items. Final step - So that we can see your use of formulas you must use the following steps to display your formulas for the ratios on the Ratios Formula Tab. Copy all of the Ratios information from the Ratios Tab to the Datin formalan toh Uimhlicht the entire rotias information aren ondoreca the latalll love and the love Repeat the steps for each of the ratios listed on the Ratio Tab Assume all sales were on credit where necessary. COGS can also be called Cost of Sales Income Tax Expense can also be called the Provision for Income Taxes Remember to consider the Statement of Cash Flows when trying to determine cash spent for any particular items. Final step - So that we can see your use of formulas you must use the following steps to display your formulas for the ratios on the Ratios Formula Tab. Copy all of the Ratios information from the Ratios Tab to the Ratios formulas tab. Highlight the entire ratios information area and press the "ctrl" key and the "_" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed on the Ratio Formulas Tab page and the numbers displayed on the Ratios Tab. 18 Debt to Asset Ratio 19 20 21 Total Liabilities 23 Total Assests 25 26 Return on Equity 28 Net Income 29 30 Equity 33 34 Return on Assets 35 36 Net Income 59 receivable 60 61 62 Times Interest Earned 63 64 Net income 65 66 Interest Expense 67 68 Income tax expense 69 70 71 Free Cash Flow 72 73 operating 74 75 76 Capital expenditures 78 Cash Dividens - Gross Profit Rate - Gross profit Net Sales Profit Margin Net Sales - Asset Turnover -Net Sales Average total Assests