3. Performance measures Table 28.8 gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 2.960 million shares outstanding with a share price of $106. The company's weighted average cost of capital was about 5%. Assume the marginal corporate tax rate was 355. Calculate: a. Market value added. b. Market-to-book ratio. c. Economic value added. d. Return on start-of-the-year capital. Fiscal 2017 Fiscal 2016 Balance Sheet 6,756 5.614 43,783 $ 6,867 5,835 43,046 1,941 $ 57,689 3.511 $ 59,664 Assets Current assets Cash and marketable securities Accounts receivable Inventories Other current assets Total current assets Fixed assets: Net fixed assets Other long-term assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total liabilities Total shareholders' equity Total liabilities and shareholders' equity $114,178 26,958 $198.825 $114,818 30.040 $204.522 $ 46,092 32.429 $ 78,521 36.825 11.307 $126,653 77,869 $204,522 $ 41.433 25.495 $ 66.928 42.018 12,081 $121,027 77,798 $198.825 Income Statement Net sales Cost of goods sold Selling. general, and administrative expenses Depreciation Earnings before interest and tax (EBIT) Interest expense Taxable income Tax Net income $500,343 373,396 95,981 10.529 $ 20,437 2.178 $ 18,259 4.500 $ 13.659 $485.873 361,256 91,773 10,080 $ 22,764 2.267 $ 20,497 6,204 $ 14,293 STANLE 292 Ralance sheets and income statement for Walmart, fiscal 2017 and 2016