TA $2$ P$4\mathrm{.}26$ Analyzing Financial Statements. Presented below are selected financial data from the $2018$ annual report of the Bristol$-$Myers Squibb Company:

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline $($amounts in millions$)$ & $2018$ & $2017\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Balance sheet$\}\backslash \backslash$

$\backslash$hline Cash and cash equivalents. & $\backslash$$ $6,911$ & $\backslash$$ $5,421\backslash \backslash$

$\backslash$hline Marketable securities$.$ & $1,973$ & $1,391\backslash \backslash$

$\backslash$hline Accounts receivable $($net$)$ & $5,965$ & $6,300\backslash \backslash$

$\backslash$hline Inventory. $.$ & $1,195$ & $1,166\backslash \backslash$

$\backslash$hline Other current assets. & $1,116$ & $576\backslash \backslash$

$\backslash$hline Total current assets & $17,160$ & $14,854\backslash \backslash$

$\backslash$hline Total assets. $.$ & $34,986$ & $33,551\backslash \backslash$

$\backslash$hline Current portion of long$-$term debt & $1,249$ & $0\backslash \backslash$

$\backslash$hline Total current liabilities $........$ & $10,654$ & $9,563\backslash \backslash$

$\backslash$hline Long$-$term debt. & $5,646$ & $6,975\backslash \backslash$

$\backslash$hline Shareholders' equity. & $14,127$ & $11,847\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Income statement$\}\backslash \backslash$

$\backslash$hline Net sales. & $\backslash$$$22,561$ & $\backslash$$$20,776\backslash \backslash$

$\backslash$hline Cost of goods sold & $6,547$ & $6,094\backslash \backslash$

$\backslash$hline Interest expense. & $183$ & $196\backslash \backslash$

$\backslash$hline Net income before taxes. & $5,968$ & $5,131\backslash \backslash$

$\backslash$hline Net income $.$ & $4,920$ & $1,007\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Required

Using the ratio definitions from Exhibit $4\mathrm{.}6,$ calculate the financial ratios for Bristol$-$Myers Squibb and determine whether the company is a good investment. Assume an effective tax rate of $20$ percent.