QUESTION 3 - No question in this post. See question 3A.

Since too long for one submission, please use this info to answer Question 3A

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			$66,400			$410,000
Cost of goods sold			46,000			308,000
Selling and administrative expenses			14,200			78,000
Interest expense			650			2,200
Other income (expense)			(70	)		(390	)
Income tax expense			1,400			7,100
Net income			$ 4,080			$ 14,310
		Balance Sheet Data (End of Year)
Current assets			$19,000			$48,000
Noncurrent assets			26,900			122,000
Total assets			$45,900			$170,000
Current liabilities			$10,000			$56,000
Long-term debt			16,900			44,000
Total stockholders equity			19,000			70,000
Total liabilities and stockholders equity			$45,900			$170,000
		Beginning-of-Year Balances
Total assets			$43,000			$162,000
Total stockholders equity			14,300			65,000
Current liabilities			10,500			55,000
Total liabilities			28,700			97,000
		Other Data
Average net accounts receivable			$7,600			$3,900
Average inventory			6,900			32,900
Net cash provided by operating activities			5,500			26,600
Capital expenditures			1,700			12,400
Dividends			460			3,900