Part 1: Ratio Analysis: Perform the following analysis:										Part 2: DuPont Analysis: Perform the following analysis:
	(1) Create a table that reflects both 2015 and 2016 operating ratios for Dayton,									a. Use the information below from BioTech's annual financial statements to calculate a DuPont analysis of ROE for each of the years.
	Inc., segmented into (a) liquidity, (b) activity, (c) debt, (d) profitability, and									b. What do you observe about BioTech's trends? Is this firm more likely
	(e) market. Assume that the current market price for the stock is $90.									to be in an early stage of its life cycle or later? Explain.
	(2) Compare the 2015 ratios to the 2016 ratios. Indicate whether the results
	"Were better than the prior year or Worse than the prior year."
Answer: Show your Answer Below the statements provided.										BiotTech data:
Annual Income Statements (Values in Millions)										BioTech Inc. ($ in millions)
					For the year ended						2013	2014	2015	2016	2017
					December 31, 2015			December 31, 2016		Sales Growth %:		13.4%	11.4%	11.1%	10.9%
Sales					$187,510			$178,909		Sales	655.10	743.15	827.52	919.45	1,019.43
Cost of goods sold					111,631			109,701		Net income	61.73	79.21	95.05	144.41	164.25
Selling, general, and administrative expenses					12,900			12,356		Total assets	765.15	879.92	1,011.91	1,163.72	1,338.25
Other tax expense					33,377			33,572		Equity	564.24	621.55	695.43	723.18	777.82
Depreciation and amortization					7,944			12,103		Dividends	11.10	15.70	20.00	35.10	48.70
Other income (add to EBIT to arrive at EBT)					3,323			3,147
Interest expense					293			398
Income tax rate (average)					37.95%			35.32%		Part 2: YOUR ANSWER:
Dividends paid per share					$0.91			$1.13
Basic EPS from total operations					$2.25			$1.34		BioTech Inc. ($ in millions)
											2013	2014	2015	2016	2017	Trend
Annual Balance Sheets (Values in Millions)
					For the year ended
					December 31, 2015			December 31, 2016
Cash					$6,547			$7,229
Receivables					19,549			21,163
Inventories					7,904			8,068
Other current assets					1,681			1,831
Propert, plant, and equipment, gross					187,519			204,960
Accumulated depreciation and depletion					97,917			110,020		Observations?
Other noncurrent assets					17,891			19,413
Accounts payable					22,862			13,792
Short-term debt payable					3,703			4,093
Other current liabilities					3,549			15,290
Long-term debt payable					7,099			6,655
Deferred income taxes					16,359			16,484
Other noncurrent liabilities					16,441			21,733
Retained earnings					73,161			74,597
Total common shares outstanding					6.8 billion			6.7 billion		Likely Stage in Life-Cycle? (ie new or old firm?) & explanation.
Part 1: YOUR ANSWER:
				Ratio Categories:	December 31, 2015			December 31, 2016	Comparison
Use this type of format and
complete for each type of				Liquidity
ratio.