Refer to the Consolidated Balance Sheets of Wal-Mart Stores, Inc., in the Annual Report Appendix located in

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Refer to the Consolidated Balance Sheets of Wal-Mart Stores, Inc., in the Annual Report Appendix located in the back of this text. Perform both horizontal and vertical analysis on each of Wal-Mart’s current asset accounts, treating total current assets as a significant total for vertical analysis. Comment on the results.

Note: While you can certainly do this exercise with a calculator, computer spreadsheets such as Excel are ideal for this type of analysis.

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