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Problem 13-5A Suppose selected nancial data ofTarget and Will-Mart for 2014 are presented here (in millions). Target Wei-Mart Corporation Stores, Inc. Net sales $66,5?6 $408,150 Cost of goods sold 45,840 306,025 Selling and administrative expenses 15,355 ?9,518 Interest expense I" 10 1,8?8 other income {expense} (85 II {409 ll Income tax expense 1,4 14 6,968 Net income $ 3,1?2 $ 13,352 Noncurrent assets 25,154 121,298 Total assets $42,381 $166,808 Current liabilities $10,530 $54,405 Longterm debt 1?,353 43,243 Total stockholders' equity 14,498 69,160 Total liabilities and stockholders' . 42,381 166,808 eqUItv $ $ \f{a} For each companv, compute the following ratios. {Round all answers tn 2 Irf'eq'jrrllair places, e.g'. 1.33 or 12.5] 9-13.} [1} Current ratio. {2} Accounts receivable tumovec [3} Average collection period. {4} Inventor'glr tumovec [5} Days in inventorv. {6} Prot margin. {3"} asset tumovec {8} Return on assets. [9} Return on common stockholders' equitv. {1'0} Debt to assets ratio. [11} Times interest earned. {12} Current cash debt coverage. [13} Cash debt coverage. {14} Free cash ovr. : =_1 :m. :w E... SW S =_1 :m. :v :m. :a. Taget Corporation Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Wal-Mart Stors, Inc. Income Statement Data for the Year 2014 66,576.00 408,150.00 45,840.00 306,025.00 15,355.00 79,518.00 710.00 1,878.00 (85.00) (409.00) 1,414.00 6,968.00 3,172.00 13,352.00 Taget Corporation Wal-Mart Stors, Inc. Total assets Total Stockholders' equity Current liabilities Total liabilities Beginning-of-Year Balances 43,183.00 162,485.00 13,438.00 64,712.00 10,525.00 55,769.00 28,745.00 97,773.00 Average net accounts recievable Average inventory Net cash provided by operating activities Capital expenditure Dividends Other Data 7,870.00 7,020.00 5,969.00 1,706.00 502.00 4,077.00 33,167.00 26,285.00 11,810.00 4,311.00 Taget Corporation Current assets Non-current assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilites and stockholders equity Wal-Mart Stors, Inc. Balance sheet Data (End of Year) 17,227.00 45,510.00 25,154.00 121,298.00 42,154.00 166,808.00 10,530.00 54,405.00 17,353.00 432,433.00 14,498.00 69,160.00 42,381.00 166,808.00 Ratios Formula Target Current ratio Current assets/Current liabilities 1.64 Accounts recievable turnover Net sales/Accounts recievables 8.46 Average collection period Accounts recievables/(sales/365) 43.15 Inventory turnover Cost of goods sold/Inventory 6.53 Days in inventory Inventory/(COGs/365) 55.90 Profit margin Net Income/Net sales 4.76% Asset turnover Net sales/Total assets 2.65 Return on assets Net income/Total assets 7.52% Return on common stock equity Net income/Total common stockholders' equity 21.88% Debt to assets ratio Totla debt/Total assets 41.17% Times interest earned Net income/Interest expense 4.47 Current cash debt coverage Cash provided by operating activities/Average current li 0.57 Cash debt coverage Cash provided by operating activities/Average total liabi 0.21 Free cash flow EBIT (1-tax rate) + (depreciation) + (amortization) - (c $ (3,113.30) Walmart $ 0.84 :1 100.11 times 3.65 days 9.23 times 39.56 days 3.27% 3.36 times 8.00% 19.31% 259.24% 7.11 times 0.48 times 0.27 times (19,983.10) Taget Corporation Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Wal-Mart Stors, Inc. Income Statement Data for the Year 2014 66,576.00 408,150.00 45,840.00 306,025.00 15,355.00 79,518.00 710.00 1,878.00 (85.00) (409.00) 1,414.00 6,968.00 3,172.00 13,352.00 Taget Corporation Wal-Mart Stors, Inc. Total assets Total Stockholders' equity Current liabilities Total liabilities Beginning-of-Year Balances 43,183.00 162,485.00 13,438.00 64,712.00 10,525.00 55,769.00 28,745.00 97,773.00 Average net accounts recievable Average inventory Net cash provided by operating activities Capital expenditure Dividends Other Data 7,870.00 7,020.00 5,969.00 1,706.00 502.00 4,077.00 33,167.00 26,285.00 11,810.00 4,311.00 Taget Corporation Current assets Non-current assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilites and stockholders equity Wal-Mart Stors, Inc. Balance sheet Data (End of Year) 17,227.00 45,510.00 25,154.00 121,298.00 42,154.00 166,808.00 10,530.00 54,405.00 17,353.00 432,433.00 14,498.00 69,160.00 42,381.00 166,808.00 Ratios Formula Target Current ratio Current assets/Current liabilities 1.64 Accounts recievable turnover Net sales/Accounts recievables 8.46 Average collection period Accounts recievables/(sales/365) 43.15 Inventory turnover Cost of goods sold/Inventory 6.53 Days in inventory Inventory/(COGs/365) 55.90 Profit margin Net Income/Net sales 4.76% Asset turnover Net sales/Total assets 2.65 Return on assets Net income/Total assets 7.52% Return on common stock equity Net income/Total common stockholders' equity 21.88% Debt to assets ratio Totla debt/Total assets 41.17% Times interest earned Net income/Interest expense 4.47 Current cash debt coverage Cash provided by operating activities/Average current li 0.57 Cash debt coverage Cash provided by operating activities/Average total liabi 0.21 Free cash flow EBIT (1-tax rate) + (depreciation) + (amortization) - (c $ (3,113.30) Walmart $ 0.84 :1 100.11 times 3.65 days 9.23 times 39.56 days 3.27% 3.36 times 8.00% 19.31% 259.24% 7.11 times 0.48 times 0.27 times (19,983.10)