Section 3 - (45 pts) For numbers 39-51, identify the appropriate formula and calculate the following ratios for 2015 and 2014 **AND analyze the results Using Target 10K Annual Report. (Market performance ratios (earnings per share, book value per share, price-earnings ratio, and dividend yield are already computed and included in the template.) NOTE: You will need to use the 2014 reports in order to calculate averages where applicable.

Measures of liquidity (15 pts) 39. Working capital

40. Current ratio

41. Quick ratio

42. Inventory turnover

43. Average days to sell inventory

Measures of solvency (15 pts)

44. Debt to assets

45. Debt to equity

46. Number of times interest earned

47. Plant assets to long-term liabilities

Measures of profitability (15 pts)+5

48. Net margin (return on sales)

49. Asset turnover

50. Return on investment

51. Return on equity

Section 4 Budgeting (25 points) 1. Calculate the percentage change for each of the following categories of revenues and expenses for FY 2010 through FY 2014.

2. Calculate the average percentage change

3. Use the FY 2014 data and the average percentage change calculated in 2 to prepare a budget for FY 2015

4. Compare actual amounts from FY 2015 to the budget

Section 5 Analysis (50 points) Prepare an analytic report on your findings in Sections 2 4.