23. Given the most recent financial statements for Walmart (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Prepaid Expenses, Net Fixed Assets, and accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the pro forma value for net income. (Enter a value in millions, eg. 50,000,000 as 50)

24. Given the most recent financial statements for Walmart (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Prepaid Expenses, Net Fixed Assets, and accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the pro forma value for total equity (Enter a value in millions, eg. 50,000,000 as 50)

25. Given the most recent financial statements for Walmart (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Prepaid Expenses, Net Fixed Assets, and accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the external financing needed for the firm. (Enter a value in millions, eg. 50,000,000 as 50)

Consolidated Balance Sheets - USD ($) $ in Millions 12 Months Ended FY2020 Current assets: Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets Net Fixed Assets Total Assets $ 555,233 3,918 559,151 12 Months Ended Income Statement - USD ($) $ in Millions FY2020 FY2019 $ 17,741 $ 9,465 Revenues: 6,516 6,284 Sales 44,949 44,435 Membership Sales 20,861 1,622 Total revenues $ 90,067 $ 61,806 Costs and expenses: 162,429 174,689 Cost of sales $ 252,496 $ 236,495 Operating, selling, general and administrative expenses Depreciation EBIT 87,573 70,124 Interest: 5,072 7,666 Net Interest 92,645 77,790 EBT 72,320 79,162 Taxes 164,965 156,952 Net income 3,928 3,531 Dividends 83,603 76,012 Addition to Retained Earnings 87,531 79,543 252,496 236,495 420,315 105,136 11,152 22,548 Accounts Payable Other Current Liabilities Total Current Liab. Long-term debt Total Liabilities Common Stock Retained Earnings Total Equity Total Liab. And Equity 1,984 20,564 6,858 13,706 6,115 7,591 Price Shares Out 139.95 2,831,000,000