2 Here are the comparative income statements of Crane Corporation. CRANE CORPORATION

2
Here are the comparative income statements of Crane Corporation.
CRANE CORPORATIONComparative Income StatementFor the Years Ended December 31
2022
2021
Net sales
$644,500
$557,200
Cost of goods sold
457,600
400,400
Gross Profit
186,900
156,800
Operating expenses
77,100
48,100
Net income
$ 109,800
$ 108,700
(a)
Prepare a horizontal analysis of the income statement data for Crane Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)
CRANE CORPORATIONComparative Income Statementchoose the accounting period                            
Increase or (Decrease) During 2022
2022
2021
Amount
Percentage
Net sales
$644,500
$557,200
$enter a dollar amount 
enter percentages rounded to 1 decimal place
%
Cost of goods sold
457,600
400,400
enter a dollar amount
enter percentages rounded to 1 decimal place
%
Gross Profit
186,900
156,800
enter a dollar amount
enter percentages rounded to 1 decimal place
%
Operating expenses
77,100
48,100
enter a dollar amount
enter percentages rounded to 1 decimal place
%
Net income
$ 109,800
$ 108,700
$enter a dollar amount 
enter percentages rounded to 1 decimal place
%
(b)
Prepare a vertical analysis of the income statement data for Crane Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.)
CRANE CORPORATIONCondensed Income Statementschoose the accounting period                            
2022
2021
$
Percent
$
Percent
Net sales
$644,500
enter percentages rounded to 1 decimal place
%
$557,200
enter percentages rounded to 1 decimal place
%
Cost of goods sold
457,600
enter percentages rounded to 1 decimal place
%
400,400
enter percentages rounded to 1 decimal place
%
Gross Profit
186,900
enter percentages rounded to 1 decimal place
%
156,800
enter percentages rounded to 1 decimal place
%
Operating expenses
77,100
enter percentages rounded to 1 decimal place
%
48,100
enter percentages rounded to 1 decimal place
%
Net income
$ 109,800
enter percentages rounded to 1 decimal place
%
$ 108,700
enter percentages rounded to 1 decimal place
%
Selected hypothetical financial data of Target and Wal-Mart for 2022 are presented here (in millions).
TargetCorporation
Wal-MartStores, Inc.
Income Statement Data for Year
Net sales
$66,700
$418,000
Cost of goods sold
45,000
309,000
Selling and administrative expenses
15,200
78,000
Interest expense
740
1,900
Other income (expense)
(95
)
(420
)
Income tax expense
1,400
 
6,700
 
Net income
$ 4,265
 
$ 21,980
 
Balance Sheet Data(End of Year)
Current assets
$18,000
$45,000
Noncurrent assets
25,600
 
120,000
 
Total assets
$43,600
 
$165,000
 
Current liabilities
$11,000
$56,000
Long-term debt
17,200
44,000
Total stockholders’ equity
15,400
 
65,000
 
Total liabilities and stockholders’ equity
$43,600
 
$165,000
 
Beginning-of-Year Balances
Total assets
$45,000
$163,000
Total stockholders’ equity
13,400
65,000
Current liabilities
10,600
58,000
Total liabilities
31,600
98,000
Other Data
Average net accounts receivable
$7,500
$3,900
Average inventory
7,000
32,800
Net cash provided by operating activities
5,800
26,900
Capital expenditures
1,700
11,800
Dividends
450
4,400
For each company, compute the following ratios. (Round current ratio answers to 2 decimal places, e.g. 15.50, debt to assets ratio and free cash flow answers to 0 decimal places, e.g. 5,275 and all answers to 1 decimal place, e.g. 1.8 or 1.83%.)
Ratio
Target
Wal-Mart
(1)
Current ratio
enter the current ratio
 :1
enter the current ratio
 :1
(2)
Accounts receivable turnover
enter accounts receivable turnover in times
 times
enter accounts receivable turnover in times
 times
(3)
Average collection period
enter average collection period in days
 days
enter average collection period in days
 days
(4)
Inventory turnover
enter inventory turnover in times
 times
enter inventory turnover in times
 times
(5)
Days in inventory
enter days in inventory ratio
 days
enter days in inventory ratio
 days
(6)
Profit margin
enter percentages
 %
enter percentages
 %
(7)
Asset turnover
enter asset turnover in times
 times
enter asset turnover in times
 times
(8)
Return on assets
enter percentages
 %
enter percentages
 %
(9)
Return on common stockholders’ equity
enter percentages
 %
enter percentages
 %
(10)
Debt to assets ratio
enter percentages
 %
enter percentages
 %
(11)
Times interest earned
enter times interest earned
 times
enter times interest earned
 times
(12)
Free cash flow
$enter a dollar amount 
$enter a dollar amount