Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart, including the notes to the financial statements, are available at each company’s respective website.

Instructions

a. Compute the asset turnover for each company using the financial statements in Appendices D and E.

b. What conclusions concerning the efficiency of assets can be drawn from these data?