You are required to: < 1 Download the excel version of the annual (e.g. 52-week ended January 28, 2023) reports of Target Corporation for the five fiscal years from 2018 to 2022. The report of interest is the year ended on January 28, 2023 (fiscal 20222) while the prior period figures (2018 to 2021) are used to develop a trend for the ratios. See note 1 on the various types of reports available on EDGAR. 2 (a) Calculate the following ten ratios for the five years (see 1 above). Please refer to Chap 13 (e.g. slide 69) and note 2 below for reference. < (b) Study the performance and financial position of Target Corporation over time and comment on its respective liquidity, profitability and insolvency using the ten ratios. Include a word count (not exceeding 300 words). Industry averages can be included but you must state your source. < Please use the format provided by the template and follow slide 69 (ch 13) when expressing these ratios. Avoid changing the sequence of the following 10 ratios. 2.1 Current ratio (for example 1.23 to 1) < 2.2 Current Cash Debt coverage (for example 12.34%) < 2.3 Inventory turnover (for example 1.23 times) < 2.4 Gross Profit ratio 2.5 Profit Margin 2.6 Asset Turnover 2.7 Free Cash Flow 2.8 Debt to Asset ratio 2.9 Cash Debt coverage 2.10 Times Interest Earned You may add other ratios or analysis of your own (with supporting calculations) that you believe will assist the narrative task (should not exceed 400 words even if you extend the analysis). Don't include the work of other people when dealing with additional ratios and ratios (other than the stipulated ratios 2.1 to 2.10) not substantiated by your calculations will not be graded. < < 3. Your friend wants to invest in the US market but he knows very little about it. He wants to start with buying a share in the retail variety stores (industry classification: SIC 5331) and he has picked Target Corporation because he had experience shopping at a Target store when he traveled to the States last Christmas. He is asking for your recommendation to help pick a stock, for him, from retail variety stores if you do not recommend Target Corporation. Explain your recommendation (your explanations must include the analysis done in part. 2 above). Include a word count (narratives should not exceed 300 words). < If you don't recommend Target Corporation, you must show your supporting calculations for the other firm (from SIC5331) that you recommend. Don't include the work of other people for the firm that you are recommending. Work not substantiated by supporting will not be graded. < < 4. You may have problems classifying some of the items (especially unfamiliar items), just state your assumptions or justifications or supporting calculations, if any, to complete your tasks. You may skip this part if this is not an issue to you. Please see note 3 on the use of some terms. A 1 Consolidated Statements of Operations - USD ($) $ in Millions 2 3 Total revenue 4 Cost of sales B C Jan. 28, 2023 $ 109,120 12 Months Ended Jan. 29, 2022 D E Jan. 30, 2021 $106,005 $93,561 82,229 74,963 66,177 5 Selling, general and administrative expenses 6 Depreciation and amortization (exclusive of depreciation included in cost of sales) 7 Operating income 8 Net interest expense 9 Net other (income) / expense 10 Earnings before income taxes 11 Provision for income taxes 12 Net earnings 13 Basic earnings per share (in usd per share) 20,658 19,752 18,615 2,385 2,344 2,230 3,848 8,946 6,539 478 421 977 (48) (382) 16 3,418 8,907 5,546 638 1,961 1,178 $2,780 $6,946 $4,368 $6.02 $14.23 $8.72 14 Diluted earnings per share (in usd per share) $5.98 $14.10 $8.64 15 Weighted average common shares outstanding 16 Basic (in shares) 462,100,000 488,100,000 500,600,000 17 Diluted (in shares) 464,700,000 492,700,000 505,400,000 18 Antidilutive shares (in shares) 1,100,000 0 0 19 Sales 20 Total revenue 21 Other revenue 22 Total revenue 23 $107,588 $ 104,611 $92,400 $1,532 $1,394 $1,161