Amazon.com, Inc.s financial statements are presented in Appendix D.

Financial statements of Walmart Inc. are presented in Appendix E.

The complete annual reports of Amazon and Walmart, including the notes to the financial statements, are available at each companys respective website. Based on the information contained in these financial statements, determine the net cash used in investing activities for each company.

Amazon.com, Inc.s financial statements are presented in Appendix D. Click here to view Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. Click here to view Appendix E. The complete annual reports of Amazon and Walmart, including the notes to the financial statements, are available at each companys respective website. Based on the information contained in these financial statements, determine the net cash used in investing activities for each company.

		Amazon			Walmart
Cash used for investing activities		$ enter a dollar amount in millions	million		$ enter a dollar amount in millions	million

11.478 21.789 6.864 164 Amazon.com, Inc. Consolidated Statements of Cash Flows (in millions) Year Ended December 31, 2017 2015 2019 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD $ 19,934 $ 21,856 $32.173 OPERATING ACTIVITIES: Net income 3,033 10,073 11,588 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other 15.341 Stock-based compensation 4.215 5.418 Other operating expense (income), net 202 274 Other expense (income), net (292) 219 (249) Deferred income taxes (29) 441 796 Changes in operating assets and liabilities: Inventories (3.583) (1,314) (3.278) Accounts receivable, net and other (4.780) (4.615) (7,681) Accounts payable 7.100 3,263 8,193 Accrued expenses and other 283 472 (1.383) Unearned revenue 738 1.151 1.711 Net cash provided by (used in) operating activities 18.365 30,723 38,514 INVESTING ACTIVITIES Purchases of property and equipment (11.955) (13,427) (16,861) Proceeds from property and equipment sales and incentives 1.897 2,104 4.172 Acquisitions, net of cash acquired, and other (13.972) (2.186) (2.461) Sales and maturities of marketable securities 9,677 8.240 22,681 Purchases of marketable securities (12.731) (7.100) (31,812) Net cash provided by (used in) investing activities (27,084) (12,369) (24.281) FINANCING ACTIVITIES Proceeds from long-term debt and other 16.228 768 2.273 Repayments of long-term debt and other (1.301) (668) (2.684) Principal repayments of finance leases (4.799) (7.449) (9,628) Principal repayments of financing obligations (200) (337) (27) Net cash provided by (used in) financing activities (7.686) (10.066) Foreign currency effect on cash, cash equivalents, and restricted cash 713 (351) Net increase (decrease) in cash, cash equivalents, and restricted cash 1,922 10,317 4.237 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD $ 21,856 $ 32,173 5 36.410 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt 875 Cash paid for operating leases 3.361 Cash paid for interest on finance leases 381 647 Cash paid for interest on financing obligations 119 194 Cash paid for income taxes, net of refunds 957 1.184 Assets acquired under operating leases 7,870 Property and equipment acquired under finance leases 9,637 10,615 13.723 Property and equipment acquired under build-to-suit arrangements 3.541 3.641 1.362 See accompanying notes to consolidated financial statements 9,928 70 $ 328 $ 854 S 200 39 881 Amazon.com, Inc. Consolidated Statements of Operations (in millions, except per share data) Year Ended December 31, 2017 2018 2019 Net product sales $ 118,573 $ 141,915 $ 160,408 Net service sales 59.293 90.972 120.114 Total net sales 177,866 232.887 280,522 Operating expenses: Cost of sales 111,934 139,156 165,536 Fulfillment 25.249 34.027 40.232 Technology and content 22.620 28.837 35,931 Marketing 10.069 13.814 18,878 General and administrative 3,674 4336 5.203 Other operating expense (income), net 214 201 Total operating expenses 173,760 220,466 265,981 Operating income 4.106 12,421 14,541 Interest income 202 832 Interest expense (848) (1,417) (1.600) Other income (expense), net 203 Total non-operating income (expense) (1.160) (565) Income before income taxes 3.806 11,261 13,976 Provision for income taxes (769) (1.197) (2.374) Equity-method investment activity, net of tax (4 (14) Net income $ 3.033 $ 10,073 $ 11,588 Basic earnings per share $ 23.46 Diluted earnings per share $ 23.01 Weighted average shares used in computation of earnings per share Basic 494 Diluted 493 504 See accompanying notes to consolidated financial statements 346 (300) 13939013111 B S 6.32 S 6.15 450 533 78 Amazon.com, Inc. Consolidated Statements of Comprehensive Income (in millions) Year Ended December 31, 2017 2018 2019 Net income $3.033 $ 10,073 $11,585 Other comprehensive income (Loss) Net change in foreign currency translation adjustments Foreign currency translation adjustments, net of tax of $5, 56, and (5) (538) Reclassification adjustment for foreign currency translation included in "Other operating expense (income), net," net of tax of $0, 50, and $29 (108) Net foreign currency translation adjustments (538) (30) Net change in unrealized gains (losses) on available-for-sale debt securities Unrealized gains (losses), net of tax of $5, 50, and S(12) (39) Reclassification adjustment for losses (gains) included in "Other income (expense). net," net of tax of S0, SO, and $0 Net unrealized gains (losses) on available-for-sale debt securities (32) (9) Total other comprehensive income (loss) 501 (547) Comprehensive income $ 3.534 $ 9,526 $ 11,637 See accompanying notes to consolidated financial statements. 533 (17) 83 " 79 | | Amazon.com, Inc. Consolidated Balance Sheets (in millions, except per share data) December 31, 2018 2019 $ 31,750 9.500 17.174 16,677 75,101 61,797 $36,092 18.929 20,497 20.816 96,334 72,705 25.141 14,754 16,314 S 225 245 14,548 11.202 $ 162.648 $ 47,183 32.439 $ 38,192 23.663 6,536 68.391 8.190 ASSETS Current assets: Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net Operating leases Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term lease liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, 30.01 par value: Authorized shares - 500 Issued and outstanding shares - none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 514 and 521 Outstanding shares -- 491 and 498 Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive income (los) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 9,650 23,495 17,563 87,812 39,791 23.414 12,171 - 5 5 (1.837) 26,791 (1.035) 19.625 (1.837) 33,658 (986) 31.220 43.549 62,060 S 225.248 $ 162.648 See accompanying notes to consolidated financial statements Total Retained Stockholders Earnings Equity $ 4,916 $19.285 687 3.033 687 3,033 501 7 1 ull 4.202 27,709 5 8.636 Amazon.com, Inc. Consolidated Statements of Stockholders' Equity (in millions) Common Stock Additional Accumulated Other Treasury Paid In Comprehensive Shares Amount Stock Capital Income (Loss) Balance as of January 1, 2017 477 55 $(1.837) $17,186 $ (985) Cumulative effect of a change in accounting principle related to stock-based compensation Net income Other comprehensive income (Loss) 501 Exercise of common stock options Stock-based compensation and issuance of employee benefit plan stock 4.202 Balance as of December 31, 2017 484 (1.837) 21,389 (484) Cumulative effect of change in accounting principles related to revenue recognition, income taxes, and financial instruments (4) Net income Other comprehensive income (loss) (547) Exercise of common stock options Stock-based compensation and issuance of employee benefit plan stock 5.402 Balance as of December 31, 2018 491 (1.837) 26,791 (1,035) Cumulative effect of change in accounting principle related to leases Net income Other comprehensive income (loss) Exercise of common stock options Stock-based compensation and issuance of employee benefit plan stock 6.867 Balance as of December 31, 2019 55 $(1.837) $ 33,658 $ (986) 916 III 912 10,073 10,073 (547) 7 . ull 5.402 43.549 19.625 7 ILI 7 11,588 11.588 1 1 1 1 1 1 1 49 6.867 498 IKI $ 31.220 $ 62,060 See accompanying notes to consolidated financial statements. Specimen Financial Statements: Walmart Inc. The following are Walmart Inc.'s financial statements as presented in the company's 2020 annual report . The complete annual report, including notes to the financial statements, is available at the company's website. Walmart Inc. Consolidated Statements of Income Fiscal Years Ended January 31, 2019 2018 2020 $ 519,926 4,038 523,964 $ 510,329 4,076 514,405 $ 495,761 4,582 500,343 394,605 108,791 385,301 107,147 373,396 106,510 20,437 20,568 21,957 (Amounts in millions, except per share data) Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Finance, capital lease and financing obligations Interest income Interest, net Loss on extinguishment of debt Other (gains) and losses Income before income taxes Provision for income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart 1,975 2.262 337 1,978 352 371 (189) 2,410 (217) 2,129 (152) 2.178 3.136 (1.958) 20,116 4,915 15,201 15,123 4,600 8,368 11,460 4,281 7,179 (509) $ 6,670 10,523 (661) (320) $ 14,881 $ 9,862 Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart $ 5.22 s 2.28 $ 3.29 5.19 2.26 3.28 Weighted average common shares outstanding: Basic Diluted 2.850 2.868 2,929 2.945 2.995 3,010 Dividends declared per common share s 2.12 s 2.08 $ 2.04 Walmart Inc. Consolidated Statements of Comprehensive Income Fiscal Years Ended January 31, (Amounts in millions) 2020 2019 2018 Consolidated net income $ 15,201 $7,179 $ 10,523 Consolidated net income attributable to noncontrolling interest (320) (509) (661) Consolidated net income attributable to Walmart 14.881 6,670 9,862 286 (226) 2.540 122 (405) 437 (290) Other comprehensive income (loss), net of income taxes Currency translation and other Net investment hedges Cash flow hedges Minimum pension liability Unrealized gain on available-for-sale securities Other comprehensive income (Loss), net of income taxes Other comprehensive (income) loss attributable to noncontrolling interest Other comprehensive income (less) attributable to Walmart (399) (1.244) 147 1,501 (113) 4.220 (1.235) (28) (1.263) '| #] | (169) 4,051 Comprehensive income, net of income taxes Comprehensive income attributable to noncontrolling interest Comprehensive income attributable to Walmart See accompanying notes 13.966 (348) $ 13,618 7,066 (321) 56,745 14,743 (830) $ 13,913 Walmart Inc. Consolidated Balance Sheets As of January 31, 2020 2019 (Amounts en millions) ASSETS Current assets: Cash and cash equivalents Receivables.net Inventories Prepaid expenses and other Total current assets $ 7,722 6,283 $ 9,465 6,284 44,435 1.622 61.506 44,269 3.623 61,897 105 205 104,317 17,424 4.417 Property and equipment, net Operating lease right-of-use assets Finance lease right-of-use assets, net Property under capital lease and financing obligations, net Goodwill Other long-term assets Total assets 7,078 31,073 16.567 $ 236.495 31,181 14,822 $ 219,295 (continues) As of January 31, 2020 2019 (Amounts in millions) LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Capital lease and financing obligations due within one year Total current liabilities $ 575 46,973 22.296 280 5.362 1.793 511 $ 5.225 47,060 22.159 428 1,876 729 77,790 77,477 43.520 43,714 16. 171 Long-term debt Long-term operating lease obligations Long-term finance lease obligations Long-term capital lease and financing obligations Deferred income taxes and other 4.307 6,683 12.961 11.981 Commitments and contingencies 284 288 2.965 Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 3.247 83.943 (12.805) 30,785 74,669 6.883 81,552 $ 236,495 (11.542 72.496 7.138 79,634 $219.295 See accompanying notes E-4 APPENDIX E Specimen Financial Statements: Walmart Inc. 11 1 - - - 1 Walmart Inc. Consolidated Statements of Shareholders' Equity Accumulated Total Capital in Other Walmart Common Stock Excess of Retained Comprehensive Shareholders' Noncontrolling Total (Amounts in millions) Shares Amount Par Value Earnings Income (Loss) Equity Interest Equity Balances as of February 1, 2017 3,048 $ 305 $ 2,371 $ 89,354 S (14,232) $ 77,798 $ 2,737 $80,535 Consolidated net income 9,562 9,862 661 10,523 Other comprehensive income (loss), net of income taxes 4.051 4,051 169 4.220 Cash dividends declared ($2.04 per share) (6,124) (6.124) (6.124) Purchase of Company stock (103) (10) (219) (7,975) (8.204) (8.204) Cash dividend declared to noncontrolling interest (687) (687) Other 496 (10) 486 73 559 Balances as of January 31, 2018 2,952 295 2.648 85.107 (10.181) 77.,869 2.953 80.822 Adoption of new accounting standards on February 1, 2018, net of income taxes 2.361 (1,436) 925 (1) 924 Consolidated net income 6,670 6,670 509 7.179 Other comprehensive income (loss), net of income taxes 75 75 (188) (113) Cash dividends declared ($2.08 per share) (6.102) (6.102) (6.102) Purchase of Company stock (80) (8) (7.234) (7.487) (7.487) Cash dividend declared to noncontrolling interest (458) (488) Noncontrolling interest of acquired entity 4.345 4,345 Other 562 (17) 546 554 Balances as of January 31, 2019 2,878 288 2.965 80,785 (11,542) 72,496 7.138 79,634 Adoption of new accounting standards on February 1, 2019, net of income taxes (266) (266) (34) (300) Consolidated net income 14,881 14,881 320 15,201 Other comprehensive income (loss), net of income taxes (1.263) (1.263) 28 (1.235) Cash dividends declared ($2.12 per share) (6.048) (6.048) (6,048) Purchase of Company stock (53) (5) (199) (5.435) (5.639) (5.639) Cash dividends declared to noncontrolling interest (475) (475) Other 7 481 SOS (94) Balances as of January 31, 2020 2832 284 $ 3,247 83,943 $(12.805) $ 74,669 $6,883 $ 81,552 See accompanying notes - (245) - - 1 - - - 1 -- - - - - - 1 26 S Walmart Inc. Consolidated Statements of Cash Flows Fiscal Years Ended January 31, 2020 2019 2015 $ 15,201 $ 7.179 $ 10,523 10,529 10,678 3,516 10,957 (1.886) 15 (1,036) 320 4.850 (499) (Amounts tre millions) Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by operating activities Depreciation and amortization Unrealized (gains) and losses (Gains) and losses for disposal of business operations Asda pension contribution Deferred income taxes Loss on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities (304) 3.136 1.210 1.981 1,734 154 (300) (274) 186 (93) 25.255 (368) (1.311) 1.831 183 (40) 27,753 (1.074) (140) 4,086 928 (557) 28,337 (10.051) 375 (10,705) 321 833 (56) 479 (9.128) (10,344) 519 876 (14,656) (431) (24,036) 1,046 (375) (77) (9,079) Cash flows from investing activities Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Payments for business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Premiums paid to extinguish debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities (4,656) 5.492 (1,907) (53) 15.872 (3.784) (6.045) (5.717) (555) (6.102) (7.410) (431) 7.476 (13,061) (3.059) (6,124) (8.296) (690) (8) (261) (19.875) (908) (14.299) (629) (2.537) Effect of exchange rates on cash, cash equivalents and restricted cash (69 (438) 487 742 Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of year 1,759 7,756 $ 9,515 7,014 (130) 7.144 $ 7,014 $ 7.756 Supplemental disclosure of cash flow information: Income taxes paid Interest paid $ 3,616 2,464 $ 3,982 2.348 $ 6.179 2.450 See accompanying notes