Wal-Mart Stores, Inc
Consolidated Statement of Income
(Amounts in millions except per share data)
Fiscal Years Ended January 31,
2011
2010
As Adjusted
2009
As Adjusted
Revenues:
Net sales
$
418,952
$
405,132
$
401,087
Membership and other income
2,897
2,953
3,167
421,849
408,085
404,254
Costs and expenses:
Cost of sales
315,287
304,444
303,941
Operating, selling, general and administrative expenses
81,020
79,639
77,546
Operating income
25,542
24,002
22,767
Interest:
Debt
1,928
1,787
1,896
Capital leases
277
278
288
Interest income
(201
)
(181
)
(284
)
Interest, net
2,004
1,884
1,900
Income from continuing operations before income taxes
23,538
22,118
20,867
Provision for income taxes:
Current
6,703
7,643
6,564
Deferred
876
(487
)
569
7,579
7,156
7,133
Income from continuing operations
15,959
14,962
13,734
Income (loss) from discontinued operations, net of tax
1,034
(79
)
146
Consolidated net income
16,993
14,883
13,880
Less consolidated net income attributable to noncontrolling interest
(604
)
(513
)
(499
)
Consolidated net income attributable to Walmart
$
16,389
$
14,370
$
13,381
Basic net income per common share:
Basic income per common share from continuing operations attributable to Walmart
$
4.20
$
3.74
$
3.36
Basic income (loss) per common share from discontinued operations attributable to Walmart
0.28
(0.02
)
0.04
Basic net income per common share attributable to Walmart
$
4.48
$
3.72
$
3.40
Diluted net income per common share:
Diluted income per common share from continuing operations attributable to Walmart
$
4.18
$
3.73
$
3.35
Diluted income (loss) per common share from discontinued operations attributable to Walmart
0.29
(0.02
)
0.04
Diluted net income per common share attributable to Walmart
$
4.47
$
3.71
$
3.39
Weighted-average number of common shares:
Basic
3,656
3,866
3,939
Diluted
3,670
3,877
3,951
Dividends declared per common share
$
1.21
$
1.09
$
0.95
Wal-Mart Stores, Inc.
Consolidated Balance Sheet
As of January 31,
(Amounts in millions except per share data)
2011
2010
As Adjusted
ASSETS
Current assets:
Cash and cash equivalents
$
7,395
$
7,907
Receivables, net
5,089
4,144
Inventories
36,318
32,713
Prepaid expenses and other
2,960
3,128
Current assets of discontinued operations
131
140
Total current assets
51,893
48,032
Property and equipment:
Land
24,386
22,591
Buildings and improvements
79,051
73,657
Fixtures and equipment
38,290
34,035
Transportation equipment
2,595
2,355
Construction in process
4,262
5,210
Property and equipment
148,584
137,848
Less accumulated depreciation
(43,486
)
(38,304
)
Property and equipment, net
105,098
99,544
Property under capital leases:
Property under capital leases
5,905
5,669
Less accumulated amortization
(3,125
)
(2,906
)
Property under capital leases, net
2,780
2,763
Goodwill
16,763
16,126
Other assets and deferred charges
4,129
3,942
Total assets
$
180,663
$
170,407
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings
$
1,031
$
523
Accounts payable
33,557
30,451
Accrued liabilities
18,701
18,734
Accrued income taxes
157
1,347
Long-term debt due within one year
4,655
4,050
Obligations under capital leases due within one year
336
346
Current liabilities of discontinued operations
47
92
Total current liabilities
58,484
55,543
Long-term debt
40,692
33,231
Long-term obligations under capital leases
3,150
3,170
Deferred income taxes and other
6,682
5,508
Redeemable noncontrolling interest
408
307
Commitments and contingencies
Equity:
Preferred stock ($0.10 par value; 100 shares authorized, none issued)
Common stock ($0.10 par value; 11,000 shares authorized, 3,516 and 3,786 issued and outstanding at January 31, 2011 and 2010, respectively)
352
378
Capital in excess of par value
3,577
3,803
Retained earnings
63,967
66,357
Accumulated other comprehensive income (loss)
646
(70
)
Total Walmart shareholders’ equity
68,542
70,468
Noncontrolling interest
2,705
2,180
Total equity
71,247
72,648
Total liabilities and equity
$
180,663
$
170,407
WAL-MART STORES, INC.
Consolidated Balance Sheets
January 31,
(Amounts in millions except per share data)
2010
2009
ASSETS
Current assets:
Cash and cash equivalents
$
7,907
$
7,275
Receivables, net
4,144
3,905
Inventories
33,160
34,511
Prepaid expenses and other
2,980
3,063
Current assets of discontinued operations
140
195
Total current assets
48,331
48,949
Property and equipment:
Land
22,591
19,852
Buildings and improvements
77,452
73,810
Fixtures and equipment
35,450
29,851
Transportation equipment
2,355
2,307
Property and equipment
137,848
125,820
Less accumulated depreciation
(38,304
)
(32,964
)
Property and equipment, net
99,544
92,856
Property under capital leases:
Property under capital leases
5,669
5,341
Less accumulated amortization
(2,906
)
(2,544
)
Property under capital leases, net
2,763
2,797
Goodwill
16,126
15,260
Other assets and deferred charges
3,942
3,567
Total assets
$
170,706
$
163,429
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings
$
523
$
1,506
Accounts payable
30,451
28,849
Accrued liabilities
18,734
18,112
Accrued income taxes
1,365
677
Long-term debt due within one year
4,050
5,848
Obligations under capital leases due within one year
346
315
Current liabilities of discontinued operations
92
83
Total current liabilities
55,561
55,390
Long-term debt
33,231
31,349
Long-term obligations under capital leases
3,170
3,200
Deferred income taxes and other
5,508
6,014
Redeemable noncontrolling interest
307
397
Commitments and contingencies
Equity:
Preferred stock ($0.10 par value; 100 shares authorized, none issued)
Common stock ($0.10 par value; 11,000 shares authorized, 3,786 and 3,925 issued and outstanding at January 31, 2010 and January 31, 2009, respectively)
378
393
Capital in excess of par value
3,803
3,920
Retained earnings
66,638
63,660
Accumulated other comprehensive loss
(70
)
(2,688
)
Total Walmart shareholders’ equity
70,749
65,285
Noncontrolling interest
2,180
1,794
Total equity
72,929
67,079
Total liabilities and equity
$
170,706
$
163,429
Goldey-Beacom College
ACC644 Financial Statement Analysis Bonus for Exam #2-2012
a. Using the statement attached for Wal-mart Stores, Inc. compute the following ratios. Be sure to show all work on separate paper otherwise you will only get half credit for each answer. (10 points)
2011
2010
1. Current ratio
2. Days sales in receivables
3. Days sales in inventory
4. Debt ratio
5. Debt / Equity ratio
6. Times Interest Earned
7. Fixed charge ratio
8. Net profit margin
9. Return on assets
10. Return on Total equity
** Additional information needed to calculate the ratios listed above:
2011
2010
2009
Interest component of rentals
651
597
406
Allowance for Doubtful Accounts
252
298
188
Capitalized Interest
63
85
88
b. Comment on the companys liquidity, debt paying ability, and profitability position.
