Recasting financial statements to proposed reporting format. Refer to the financial statements of Wal-Mart Stores in Exhibit 6.2 (income statement), Exhibit 6.3 (balance sheet), and Exhibit 6.4 (statement of cash flows. Recast these financial statements using the proposed reporting format of the joint FASB/IASB financial presentation project.
a. Recast Wail-Mart€™s balance sheet on January 31, 2008, and January 31, 2007, into a statement of financial position using the proposed reporting format of the joint FASB/IASB financial presentation project. Use Exhibit 16.2 as a guide Incorporate the following additional information into the preparation of this financial statement.
(1) Other Noncurrent Assets includes deferred tax assets of $2,724 million on January 31, 2008, and $2,937 million on January 31, 2008. The remaining amount in Other Noncurrent Assets represents goodwill from acquisitions of retail stores
(2) Other Current Liabilities includes accrued income taxes payable of $1,016 million on January 31, 2008, and $706 million on January 31, 2007.
(3) Other Noncurrent Liabilities includes deferred tax liabilities of $3,486 million on January 31, 2008, and $4,035 million on January 31, 2007. The remaining amount of Other Noncurrent Liabilities relates to pension obligations.
(4) Wail-Mart€™s borrowing provides funds for all of its corporate needs.
b. Recast Wal-Mart€™s income statement into a statement of comprehensive income for the years ended January 31, 2008, 2007, and 2006 using the proposed reporting format of the joint FASB/IASB financial presentation project. Use Exhibit 16.4 as a guide. Incorporate the following information into the preparation of this financial statement (amounts in millions).

c. Recast Wal-Mart€™s statement of cash flows using the proposed reporting format of the joint FASB/IASB financial presentation project. Use Exhibit 16.3 as a guide, although you will likely require additional line items. To calculate cash received from operating customers, begin with sales revenue and then adjust for the changes in receivables. To calculate cash disbursed for merchandise, adjust cost of goods sold for changes in inventory and trade payables. To calculate cash disbursed for selling and administrative expenses, adjust selling and administrative expense for noncash expenses and changes in prepayments and other current liabilities. Also, adjust the preceding amounts for interest and income taxes paid. 1k sure to use the amounts for changes in balance sheet accounts from Wal-Mart€™s statement of cash flaws and not the amounts on its comparative balance sheet. Re sure that the classification of items as operating, investing, financing, taxes, and equity are consistent with the classifications in parts s and b. Incorporate the following information into the preparation of this statement.
(1) Treat Other Investing Transactions on Exhibit 6.4 as an operating activity under the proposed reporting format.
(2) Treat Other Financing Transactions on Exhibit 6.4 as a financing activity under the proposed reportingformat.

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For the Year Ended January 31: Interest Paid..... Income Taxes Paid . Items of Other Comprehensive Income: Foreign Currency Translation Adjustment Pension Liability .. 2008 2007 2006 $1,553 6,665 $1,390 5,962 $1,622 6,299 (1,691) 51 1,584 (15) 1,218 138 (1) Derivatives.... Adjustment on Adoption of FAS 158 (120)