Financial Analysis of Walmart
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This study provides financial analysis of Walmart including the income statements and balance sheet with all the essential ratios and findings from them. It also includes an amortization schedule for a car loan. The subject is Financial Management and the course code is not mentioned. The course name and college/university are also not mentioned.
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RUNNING HEAD: FINANCIAL MANAGEMENT 0
Financial Analysis of Walmart
Student Details: )
5/19/2018
Financial Analysis of Walmart
Student Details: )
5/19/2018
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FINANCIAL MANAGEMENT 1
TABLE OF CONTENTS
INTRODUCTION......................................................................................................................2
WALMART...........................................................................................................................2
INCOME STATEMENT........................................................................................................2
ANALYSIS OF INCOME STATEMENT.........................................................................3
BALANCE SHEET................................................................................................................4
ANALYSIS OF BALANCE SHEET.................................................................................4
FINANCIAL RATIOS...............................................................................................................5
AMORTIZATION SCHEDULE...............................................................................................6
REFERENCE LIST...................................................................................................................8
TABLE OF CONTENTS
INTRODUCTION......................................................................................................................2
WALMART...........................................................................................................................2
INCOME STATEMENT........................................................................................................2
ANALYSIS OF INCOME STATEMENT.........................................................................3
BALANCE SHEET................................................................................................................4
ANALYSIS OF BALANCE SHEET.................................................................................4
FINANCIAL RATIOS...............................................................................................................5
AMORTIZATION SCHEDULE...............................................................................................6
REFERENCE LIST...................................................................................................................8
FINANCIAL MANAGEMENT 2
INTRODUCTION
WALMART
Walmart is an American multinational corporation operating supermarkets and
grocery stores. It started as a small, single store, selling more quantity products for low prices
and has grown over the last 50 years thus becoming the largest retailer in the world. It has
270 million customers and members who visit more than 11,700 stores in 28 countries each
week. Walmart hires around 2.3 million associates and had the revenue of $500.3 billion in
the year 2018 (Walmart, 2018).
This study further tells about the financial analysis of Walmart including the income
statements and balance sheet with all the essential ratios and findings from them.
INCOME STATEMENT
Period Ending: 1/31/2018 1/31/2017
Total Revenue $500,343,000 $485,873,000
Cost of Revenue $373,396,000 $361,256,000
Gross Profit $126,947,000 $124,617,000
Operating Expenses
Research and Development $0 $0
Sales, General and Admin. $106,510,000 $101,853,000
Non-Recurring Items $0 $0
Other Operating Items $0 $0
Operating Income $20,437,000 $22,764,000
Add'l income/expense items ($2,984,000) $100,000
Earnings before Interest and Tax $17,453,000 $22,864,000
Interest Expense $2,330,000 $2,367,000
Earnings before Tax $15,123,000 $20,497,000
Income Tax $4,600,000 $6,204,000
Minority Interest ($661,000) ($650,000)
Equity Earnins/Loss Unconsolidated Susbsidiary $0 $0
Net Income-Cont. Operations $9,862,000 $13,643,000
Net Income $9,862,000 $13,643,000
Net Income Applicable to Common Shareholders $9,862,000 $13,643,000
(Source: Nasdaq, 2018)
INTRODUCTION
WALMART
Walmart is an American multinational corporation operating supermarkets and
grocery stores. It started as a small, single store, selling more quantity products for low prices
and has grown over the last 50 years thus becoming the largest retailer in the world. It has
270 million customers and members who visit more than 11,700 stores in 28 countries each
week. Walmart hires around 2.3 million associates and had the revenue of $500.3 billion in
the year 2018 (Walmart, 2018).
This study further tells about the financial analysis of Walmart including the income
statements and balance sheet with all the essential ratios and findings from them.
INCOME STATEMENT
Period Ending: 1/31/2018 1/31/2017
Total Revenue $500,343,000 $485,873,000
Cost of Revenue $373,396,000 $361,256,000
Gross Profit $126,947,000 $124,617,000
Operating Expenses
Research and Development $0 $0
Sales, General and Admin. $106,510,000 $101,853,000
Non-Recurring Items $0 $0
Other Operating Items $0 $0
Operating Income $20,437,000 $22,764,000
Add'l income/expense items ($2,984,000) $100,000
Earnings before Interest and Tax $17,453,000 $22,864,000
Interest Expense $2,330,000 $2,367,000
Earnings before Tax $15,123,000 $20,497,000
Income Tax $4,600,000 $6,204,000
Minority Interest ($661,000) ($650,000)
Equity Earnins/Loss Unconsolidated Susbsidiary $0 $0
Net Income-Cont. Operations $9,862,000 $13,643,000
Net Income $9,862,000 $13,643,000
Net Income Applicable to Common Shareholders $9,862,000 $13,643,000
(Source: Nasdaq, 2018)
FINANCIAL MANAGEMENT 3
ANALYSIS OF INCOME STATEMENT
Net Sales is the total revenue known for a period including investment and interest
income and trading gains. Walmart Inc.’s net sales increased from 2017 to 2018. Operating
Income is the result calculated by deducting operating expenses from operating revenues
which declined for Walmart from 2017 to 2018. Net Income from continuing operations can
be defined as revenue less expenses and taxes from ongoing operations before extraordinary
items and noncontrolling interest. Walmart Inc.’s income from continuing operations
declined from 2017 to 2018. Net Income Attributable to Common Shareholders is that part of
profit and loss for the period, which is attributable to the parent. Walmart Inc.’s net income
attributable to Walmart declined from 2017 to 2018. (Stock Analysis on Net, 2018)
ANALYSIS OF INCOME STATEMENT
Net Sales is the total revenue known for a period including investment and interest
income and trading gains. Walmart Inc.’s net sales increased from 2017 to 2018. Operating
Income is the result calculated by deducting operating expenses from operating revenues
which declined for Walmart from 2017 to 2018. Net Income from continuing operations can
be defined as revenue less expenses and taxes from ongoing operations before extraordinary
items and noncontrolling interest. Walmart Inc.’s income from continuing operations
declined from 2017 to 2018. Net Income Attributable to Common Shareholders is that part of
profit and loss for the period, which is attributable to the parent. Walmart Inc.’s net income
attributable to Walmart declined from 2017 to 2018. (Stock Analysis on Net, 2018)
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FINANCIAL MANAGEMENT 4
BALANCE SHEET
Period Ending: 1/31/2018 1/31/2017
Current Assets
Cash and Cash Equivalents $6,756,000 $6,867,000
Short-Term Investments $0 $0
Net Receivables $5,614,000 $5,835,000
Inventory $43,783,000 $43,046,000
Other Current Assets $3,511,000 $1,941,000
Total Current Assets $59,664,000 $57,689,000
Long Term Assets
Long term Investments $0 $0
Fixed Assets $114,818,000 $114,178,000
Goodwill $18,242,000 $17,037,000
Intangible assets $0 $0
Other Assets $11,798,000 $9,921,000
Deferred Asset Charges $0 $0
Total Assets $204,522,000 $198,825,000
Current Liabilities
Accounts Payable $68,859,000 $63,008,000
Short-Term Debt/Current Portion of Long-Term Debt $9,662,000 $3,920,000
Other Current Liabilities $0 $0
Total Current Liablities $78,521,000 $66,928,000
Long-Term Debt $36,825,000 $42,018,000
Other Liablities $0 $0
Deferred Liability Charges $8,354,000 $9,344,000
Misc. Stoks $0 $0
Minority Interest $2,953,000 $2,737,000
Total Liabilities $126,653,000 $121,027,000
Stock Holders Equity
Common Stoks $295,000 $305,000
Capital Surplus $2,648,000 $2,371,000
Retained Earnings $85,107,000 $89,354,000
Treasury Stock $0 $0
Other Equity ($10,181,000) ($14,232,000)
Total Equity $77,869,000 $77,798,000
(Source: Nasdaq, 2018)
ANALYSIS OF BALANCE SHEET
Analysis of Assets:- Cash and Cash Equivalents includes currency on hand and demand
deposits with banks or financial institutions which declined for Walmart from 2017 to 2018.
Net Receivables is the total amount due within one year of the balance sheet from outside
sources. Walmart Inc.’s net receivables declined from 2017 to 2018. Inventory means the
BALANCE SHEET
Period Ending: 1/31/2018 1/31/2017
Current Assets
Cash and Cash Equivalents $6,756,000 $6,867,000
Short-Term Investments $0 $0
Net Receivables $5,614,000 $5,835,000
Inventory $43,783,000 $43,046,000
Other Current Assets $3,511,000 $1,941,000
Total Current Assets $59,664,000 $57,689,000
Long Term Assets
Long term Investments $0 $0
Fixed Assets $114,818,000 $114,178,000
Goodwill $18,242,000 $17,037,000
Intangible assets $0 $0
Other Assets $11,798,000 $9,921,000
Deferred Asset Charges $0 $0
Total Assets $204,522,000 $198,825,000
Current Liabilities
Accounts Payable $68,859,000 $63,008,000
Short-Term Debt/Current Portion of Long-Term Debt $9,662,000 $3,920,000
Other Current Liabilities $0 $0
Total Current Liablities $78,521,000 $66,928,000
Long-Term Debt $36,825,000 $42,018,000
Other Liablities $0 $0
Deferred Liability Charges $8,354,000 $9,344,000
Misc. Stoks $0 $0
Minority Interest $2,953,000 $2,737,000
Total Liabilities $126,653,000 $121,027,000
Stock Holders Equity
Common Stoks $295,000 $305,000
Capital Surplus $2,648,000 $2,371,000
Retained Earnings $85,107,000 $89,354,000
Treasury Stock $0 $0
Other Equity ($10,181,000) ($14,232,000)
Total Equity $77,869,000 $77,798,000
(Source: Nasdaq, 2018)
ANALYSIS OF BALANCE SHEET
Analysis of Assets:- Cash and Cash Equivalents includes currency on hand and demand
deposits with banks or financial institutions which declined for Walmart from 2017 to 2018.
Net Receivables is the total amount due within one year of the balance sheet from outside
sources. Walmart Inc.’s net receivables declined from 2017 to 2018. Inventory means the
FINANCIAL MANAGEMENT 5
carrying amount as of the balance sheet date of inventories less all valuation and other
allowances and this increased from 2017 to 2018. Current Assets is the sum of the carrying
amounts as of the balance sheet which are to be realized in cash and increased from 2017 to
2018. Total Assets is the sum of the carrying amounts as of the balance sheet date of all
assets that are recognised. Walmart Inc.’s total assets increased from 2017 to 2018.
Analysis of Liabilities:- Accounts Payable means the carrying value as of the balance sheet
date of liabilities incurred and payable to vendors for goods and services and this increased
from 2017 to 2018. Current Liabilities is the total obligations incurred as part of normal
operations that are to be paid during the business period. Walmart Inc.’s current liabilities
increased from 2017 to 2018. Non-Current Liabilities are the total obligations incurred as part
of normal operations that is expected to be repaid beyond the business period and declined
for Walmart from 2017 to 2018. Total Liabilities is the sum of the carrying amounts as of the
balance sheet date of all liabilities that are recognised which increased from 2017 to 2018.
Total Shareholder’s Equity is the total of all stockholders’ equity items, net of receivables
from officers and these slightly increased from 2017 to 2018. Total Equity is the total of
stockholder’s equity items, net of receivables from officers, owners and noncontrolling
interests which slightly increased from 2017 to 2018. (Stock Analysis on Net, 2018)
FINANCIAL RATIOS
Analysis of Solvency Ratios: Debt Ratio (debt-to-capital ratio) is the total debt divided by
total debt plus shareholders’ equity and is 37.38 for Walmart which slightly declined from
2017 to 2018. Debt-to-equity ratio is calculated as total debt divided by total shareholders’
equity and is 59.70 for Walmart which declined from 2017 to 2018.
Analysis of Profitability Ratios: Return on assets is 4.89 and is calculated as net income
divided by total assets which declined from 2017 to 2018. Return on equity is 12.67 and is
calculated as net incoe divided by shareholder’s equity which declined from 2017 to 2018.
Analysis of Liquidity Ratios: Current Ratio is calculated by dividing current assets by
current liabilities and is 0.76 which declined from 2017 to 2018. Quick ratio is calculated by
diving cash plus short term marketable securities plus receivables by current liabilities and is
0.20 which declined from 2017 to 2018.
carrying amount as of the balance sheet date of inventories less all valuation and other
allowances and this increased from 2017 to 2018. Current Assets is the sum of the carrying
amounts as of the balance sheet which are to be realized in cash and increased from 2017 to
2018. Total Assets is the sum of the carrying amounts as of the balance sheet date of all
assets that are recognised. Walmart Inc.’s total assets increased from 2017 to 2018.
Analysis of Liabilities:- Accounts Payable means the carrying value as of the balance sheet
date of liabilities incurred and payable to vendors for goods and services and this increased
from 2017 to 2018. Current Liabilities is the total obligations incurred as part of normal
operations that are to be paid during the business period. Walmart Inc.’s current liabilities
increased from 2017 to 2018. Non-Current Liabilities are the total obligations incurred as part
of normal operations that is expected to be repaid beyond the business period and declined
for Walmart from 2017 to 2018. Total Liabilities is the sum of the carrying amounts as of the
balance sheet date of all liabilities that are recognised which increased from 2017 to 2018.
Total Shareholder’s Equity is the total of all stockholders’ equity items, net of receivables
from officers and these slightly increased from 2017 to 2018. Total Equity is the total of
stockholder’s equity items, net of receivables from officers, owners and noncontrolling
interests which slightly increased from 2017 to 2018. (Stock Analysis on Net, 2018)
FINANCIAL RATIOS
Analysis of Solvency Ratios: Debt Ratio (debt-to-capital ratio) is the total debt divided by
total debt plus shareholders’ equity and is 37.38 for Walmart which slightly declined from
2017 to 2018. Debt-to-equity ratio is calculated as total debt divided by total shareholders’
equity and is 59.70 for Walmart which declined from 2017 to 2018.
Analysis of Profitability Ratios: Return on assets is 4.89 and is calculated as net income
divided by total assets which declined from 2017 to 2018. Return on equity is 12.67 and is
calculated as net incoe divided by shareholder’s equity which declined from 2017 to 2018.
Analysis of Liquidity Ratios: Current Ratio is calculated by dividing current assets by
current liabilities and is 0.76 which declined from 2017 to 2018. Quick ratio is calculated by
diving cash plus short term marketable securities plus receivables by current liabilities and is
0.20 which declined from 2017 to 2018.
FINANCIAL MANAGEMENT 6
Analysis of Activity Ratios: Inventory turnover is 8.60 which is calculated as cost of goods
sold divided by inventory which increased from 2017 to 2018. Days in inventory is 42.44 and
is equal to the number of days divided by inventory turnover over the period. Accounts
receivable turnover is 87.40 and is equal to revenue divided by receivables and Walmart
Inc.’s receivables turnover improved from 2017 to 2018. Accounts receivable cycle in days is
4.18 and is equal to the number of days divided by inventory turnover over the period.
Accounts payable turnover is 44.61 which is calculated as cost of goods sold divided by
payables. Accounts payable cycle in days is 42.78 which is equal to the number of days in the
period divided by payables turnover ratio for the period. Earning per share is 3.28 which is
Net Income minus Dividend on preferred stock divided by average outstanding shares Price
to earning ratio (P/E) is 19.12 and is given by dividing the Last sale price by the average EPS.
(Morningstar, 2018)
AMORTIZATION SCHEDULE
An amortization schedule is a table which shows the amount of principal, and interest
which is to be repaid until the loan is fully paid off. This schedule is a table of periodic
payments which are to be paid either monthly or yearly. In the schedule, the interest amount
goes down with every payment and the principal amount increases (The balance, 2018)
In this case, A car loan of $30,000 is to be repaid within 3 years at the interest rate of
7% and payments are made monthly. The amount to be repaid monthly is $926.31 which will
be paid-off in 36 instalments. If the monthly payments starts from May, 2018 then the whole
loan amount will be repaid till April, 2021.
Months Opening out EMI Interest Principal Closing out
1 30000 926.31₹ 175 751.31₹ 29,248.69₹
2 29,248.69₹ 926.31₹ 170.6173 755.70₹ 28,492.99₹
3 28,492.99₹ 926.31₹ 166.2091 760.10₹ 27,732.89₹
4 27,732.89₹ 926.31₹ 161.7752 764.54₹ 26,968.35₹
5 26,968.35₹ 926.31₹ 157.3154 769.00₹ 26,199.35₹
6 26,199.35₹ 926.31₹ 152.8296 773.48₹ 25,425.87₹
7 25,425.87₹ 926.31₹ 148.3176 778.00₹ 24,647.87₹
8 24,647.87₹ 926.31₹ 143.7793 782.53₹ 23,865.34₹
9 23,865.34₹ 926.31₹ 139.2145 787.10₹ 23,078.24₹
Analysis of Activity Ratios: Inventory turnover is 8.60 which is calculated as cost of goods
sold divided by inventory which increased from 2017 to 2018. Days in inventory is 42.44 and
is equal to the number of days divided by inventory turnover over the period. Accounts
receivable turnover is 87.40 and is equal to revenue divided by receivables and Walmart
Inc.’s receivables turnover improved from 2017 to 2018. Accounts receivable cycle in days is
4.18 and is equal to the number of days divided by inventory turnover over the period.
Accounts payable turnover is 44.61 which is calculated as cost of goods sold divided by
payables. Accounts payable cycle in days is 42.78 which is equal to the number of days in the
period divided by payables turnover ratio for the period. Earning per share is 3.28 which is
Net Income minus Dividend on preferred stock divided by average outstanding shares Price
to earning ratio (P/E) is 19.12 and is given by dividing the Last sale price by the average EPS.
(Morningstar, 2018)
AMORTIZATION SCHEDULE
An amortization schedule is a table which shows the amount of principal, and interest
which is to be repaid until the loan is fully paid off. This schedule is a table of periodic
payments which are to be paid either monthly or yearly. In the schedule, the interest amount
goes down with every payment and the principal amount increases (The balance, 2018)
In this case, A car loan of $30,000 is to be repaid within 3 years at the interest rate of
7% and payments are made monthly. The amount to be repaid monthly is $926.31 which will
be paid-off in 36 instalments. If the monthly payments starts from May, 2018 then the whole
loan amount will be repaid till April, 2021.
Months Opening out EMI Interest Principal Closing out
1 30000 926.31₹ 175 751.31₹ 29,248.69₹
2 29,248.69₹ 926.31₹ 170.6173 755.70₹ 28,492.99₹
3 28,492.99₹ 926.31₹ 166.2091 760.10₹ 27,732.89₹
4 27,732.89₹ 926.31₹ 161.7752 764.54₹ 26,968.35₹
5 26,968.35₹ 926.31₹ 157.3154 769.00₹ 26,199.35₹
6 26,199.35₹ 926.31₹ 152.8296 773.48₹ 25,425.87₹
7 25,425.87₹ 926.31₹ 148.3176 778.00₹ 24,647.87₹
8 24,647.87₹ 926.31₹ 143.7793 782.53₹ 23,865.34₹
9 23,865.34₹ 926.31₹ 139.2145 787.10₹ 23,078.24₹
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FINANCIAL MANAGEMENT 7
10 23,078.24₹ 926.31₹ 134.6231 791.69₹ 22,286.55₹
11 22,286.55₹ 926.31₹ 130.0049 796.31₹ 21,490.24₹
12 21,490.24₹ 926.31₹ 125.3598 800.95₹ 20,689.29₹
13 20,689.29₹ 926.31₹ 120.6875 805.63₹ 19,883.67₹
14 19,883.67₹ 926.31₹ 115.988 810.32₹ 19,073.34₹
15 19,073.34₹ 926.31₹ 111.2612 815.05₹ 18,258.29₹
16 18,258.29₹ 926.31₹ 106.5067 819.81₹ 17,438.48₹
17 17,438.48₹ 926.31₹ 101.7245 824.59₹ 16,613.89₹
18 16,613.89₹ 926.31₹ 96.91438 829.40₹ 15,784.50₹
19 15,784.50₹ 926.31₹ 92.07622 834.24₹ 14,950.26₹
20 14,950.26₹ 926.31₹ 87.20984 839.10₹ 14,111.16₹
21 14,111.16₹ 926.31₹ 82.31508 844.00₹ 13,267.16₹
22 13,267.16₹ 926.31₹ 77.39176 848.92₹ 12,418.24₹
23 12,418.24₹ 926.31₹ 72.43971 853.87₹ 11,564.36₹
24 11,564.36₹ 926.31₹ 67.45879 858.85₹ 10,705.51₹
25 10,705.51₹ 926.31₹ 62.44881 863.86₹ 9,841.65₹
26 9,841.65₹ 926.31₹ 57.4096 868.90₹ 8,972.74₹
27 8,972.74₹ 926.31₹ 52.341 873.97₹ 8,098.77₹
28 8,098.77₹ 926.31₹ 47.24283 879.07₹ 7,219.70₹
29 7,219.70₹ 926.31₹ 42.11492 884.20₹ 6,335.50₹
30 6,335.50₹ 926.31₹ 36.9571 889.36₹ 5,446.15₹
31 5,446.15₹ 926.31₹ 31.76919 894.54₹ 4,551.60₹
32 4,551.60₹ 926.31₹ 26.55102 899.76₹ 3,651.84₹
33 3,651.84₹ 926.31₹ 21.3024 905.01₹ 2,746.83₹
34 2,746.83₹ 926.31₹ 16.02318 910.29₹ 1,836.54₹
35 1,836.54₹ 926.31₹ 10.71315 915.60₹ 920.94₹
36 920.94₹ 926.31₹ 5.372154 920.94₹ 0.00₹
10 23,078.24₹ 926.31₹ 134.6231 791.69₹ 22,286.55₹
11 22,286.55₹ 926.31₹ 130.0049 796.31₹ 21,490.24₹
12 21,490.24₹ 926.31₹ 125.3598 800.95₹ 20,689.29₹
13 20,689.29₹ 926.31₹ 120.6875 805.63₹ 19,883.67₹
14 19,883.67₹ 926.31₹ 115.988 810.32₹ 19,073.34₹
15 19,073.34₹ 926.31₹ 111.2612 815.05₹ 18,258.29₹
16 18,258.29₹ 926.31₹ 106.5067 819.81₹ 17,438.48₹
17 17,438.48₹ 926.31₹ 101.7245 824.59₹ 16,613.89₹
18 16,613.89₹ 926.31₹ 96.91438 829.40₹ 15,784.50₹
19 15,784.50₹ 926.31₹ 92.07622 834.24₹ 14,950.26₹
20 14,950.26₹ 926.31₹ 87.20984 839.10₹ 14,111.16₹
21 14,111.16₹ 926.31₹ 82.31508 844.00₹ 13,267.16₹
22 13,267.16₹ 926.31₹ 77.39176 848.92₹ 12,418.24₹
23 12,418.24₹ 926.31₹ 72.43971 853.87₹ 11,564.36₹
24 11,564.36₹ 926.31₹ 67.45879 858.85₹ 10,705.51₹
25 10,705.51₹ 926.31₹ 62.44881 863.86₹ 9,841.65₹
26 9,841.65₹ 926.31₹ 57.4096 868.90₹ 8,972.74₹
27 8,972.74₹ 926.31₹ 52.341 873.97₹ 8,098.77₹
28 8,098.77₹ 926.31₹ 47.24283 879.07₹ 7,219.70₹
29 7,219.70₹ 926.31₹ 42.11492 884.20₹ 6,335.50₹
30 6,335.50₹ 926.31₹ 36.9571 889.36₹ 5,446.15₹
31 5,446.15₹ 926.31₹ 31.76919 894.54₹ 4,551.60₹
32 4,551.60₹ 926.31₹ 26.55102 899.76₹ 3,651.84₹
33 3,651.84₹ 926.31₹ 21.3024 905.01₹ 2,746.83₹
34 2,746.83₹ 926.31₹ 16.02318 910.29₹ 1,836.54₹
35 1,836.54₹ 926.31₹ 10.71315 915.60₹ 920.94₹
36 920.94₹ 926.31₹ 5.372154 920.94₹ 0.00₹
FINANCIAL MANAGEMENT 8
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http://financials.morningstar.com/ratios/r.html?t=WMT
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Activity
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Walmart. (2018). About Us. Retrieved From: https://corporate.walmart.com/our-story
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http://stock.walmart.com/investors/financial-information/annual-reports-and-
proxies/default.aspx
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http://financials.morningstar.com/ratios/r.html?t=WMT
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https://www.nasdaq.com/symbol/wmt/financials?query=income-statement
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analysis-on.net/NYSE/Company/Walmart-Inc/Ratios/Short-term-Operating-
Activity
The balance. (2018). How amortization tables work: overviews and examples. Retrieved
From: https://www.thebalance.com/what-is-an-amortization-table-315520
Walmart. (2018). About Us. Retrieved From: https://corporate.walmart.com/our-story
Walmart. (2018). Financial Information. Retrieved From:
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proxies/default.aspx
Yahoofinance. (2018). Walmart Inc. Financials. Retrieved From:
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