Selected hypothetical financial data of Target and Wal-Mart for 2022 are presented here (in millions). Target Corporation Wal-Mart Stores, Inc. Income Statement Data for Year Net sales $65,300 $417,000 Cost of goods sold 45,000 301,000 Selling and administrative expenses 14,000 79,000 Interest expense 660 1,800 Other income (expense) (85) (380) Income tax expense 1,500 7,100 Net income $4,055 $27,720 Balance Sheet Data (End of Year) Current assets $16,000 $50,000 Noncurrent assets 27,400 121,000 Total assets $43,400 $171,000 Current liabilities $11,000 $54,000 Long-term debt 17,800 43,000 Total stockholders' equity 14,600 74,000 Total liabilities and stockholders' equity $43,400 $171,000 Beginning-of-Year Balances Total assets $45,000 $162,000 Total stockholders' equity 12,800 66,000 Current liabilities 10,800 54,000 Total liabilities 32,200 96,000 Other Data Average net accounts receivable $7,600 $3,800 Average inventory 7,100 33,200 Net cash provided by operating activities 5,600 27,400 Capital expenditures 1,600 12,100 Dividends 470 4,200 Ratio (1) Current ratio (2) Accounts receivable turnover (3) Average collection period (4) Inventory turnover (5) Days in inventory (6) Profit margin (7) Asset turnover Target 1.45 :1 Wal-Mart 0.93 :1 8.59 times 109.74 times 42.49 days 3.33 days 6.34 times 9.07 times 57.57 days 40.24 days 6.21 % 6.65 % 147.74 times 250.45 times (8) Return on assets 4.59 % 16.65 % Return on common stockholders' (9) 27.77 % 37.46 % equity (10) Debt to assets ratio 66.36 % 56.73 % (11) Times interest earned (12) Free cash flow 9.42 times: 20.34 times 4,000 15,300