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Suppose selected financial data of Target and Wal-Mart for 2017 are presented here (in millions). Target Corporation Wal-Mart Stores, Inc. Income Statement Data for Year Net sales $65,600 $418,000 Cost of goods sold 45,000 310,000 Selling and administrative expenses 14,300 75,000 Interest expense 720 2,200 Other income (expense) (90) (380) Income tax expense 1,400 6.900 Net income $ 4,090 $23.520 Balance Sheet Data (End of Year) Balance Sheet Data (End of Year) Current assets $18,000 $47,000 Noncurrent assets 26,100 121,000 Total assets $44,100 $168,000 Current liabilities $10,000 $55,000 Long-term debt 18,300 43.000 Total stockholders' equity 15.800 70.000 Total liabilities and stockholders' equity $44,100 $168,000 Beginning-of-Year Balances Total assets $44,000 $165,000 Total stockholders' equity 13,200 66,000 Current liabilities 10,800 54,000 Total liabilities 30,800 99,000 Other Data Average net accounts receivable $7.900 $4,100 Average inventory 7,100 34.100 Net cash provided by operating activities 5.700 25,900 Capital expenditures 1,600 11,500 Dividends 520 4.200 (8) Return on assets 9.27 % 14.00 (9) Return on common stockholders' equity 25.89 96 33.60 % (10) Debt to assets ratio 64.17 96 58:33 %

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