Using the company's annual reports (the last three years) and analyze the financial reports: income, assets, and cash flow. Critically assess any of management's statements about ratios made in annual reports. Based on your ratio analyses, write 1-2 pages on your assessment of the company's financial strengths and weaknesses, and point out areas where you feel management's assessment is overly optimistic (as they usually are). Be sure to include DuPont and modified-DuPont equations in your analysis. Present the ratios in the order shown on p. 55 (Ross, 2019), with group headings ("Profitability") flush left, and the ratios (e.g., "Gross Profit Margin") indented three spaces. See the example, Table 1, below. Do not repeat the formulas here as they are common knowledge, but do use them correctly. Below the table, make intelligent remarks about the numbers. They tell a story, but only through you. Tell their story. Merely presenting the numbers and calculating the ratios is not sufficient. Finally, from the information in the annual reports (three years), critique management statements about capital projects, capital budgets and cash flows, along with any statements about NPV or IRR of capital projects. (Your thoughtful critique is not merely a summary of management statements.) Present the ratios in a table* (APA format) in which the left column contains row headers (ratio names, e.g., "quick ratio"), the next column contains ratios for the most recent year, the next column the year before that, and so on. The far right column will contain either industry average ratios, or the ratios of a close competitor of the firm. Include title and any notes under the table in APA format, and include this in the Ratios section of your paper (not at the end as some websites suggest). The first two rows of your table will look somewhat like this (except Canvas won't allow the required horizontal lines): Table 1. Ratio Analysis of XYZ Corp. Ratios Ind. ave.

Ratios	Ind. ave.	XYZ Corp
		2017	2016	2015
Profitability
Gross Profit Margin	a.aa	x.xx	y.yy	z.zz