1. Analyze the Accrued Income Taxes account on the Balance Sheet. Did the company accrue more or pay more in income taxes during the most recent year? By how much?
2. By what percentage did Accrued liabilities increase from the prior year to the most recent year?
3. What adjusting entry would Walmart record if $3,620 in gift cards sold to customers in the most recent year were redeemed for merchandise?
4. What is Walmarts total asset turnover on total operating revenues for the most recent fiscal year ended in 2021?
5. In the fiscal year ended in 2020, Walmarts total asset turnover ratio was 2.28 and, in the fiscal year ended in 2019, total asset turnover ratio was 2.41. Between 2019 and 2020, what does this suggest about Walmart over time?

Walmart Inc. Consolidated Balance Sheets (Amounts in millions) ASSETS Current assets: \begin{tabular}{lrrr} Cash and cash equivalents & $17,741 & $ & 9,465 \\ Receivables, net & 6,516 & 6,284 \\ Inventories & 44,949 & & 44,435 \\ Prepaid expenses and other & 20,861 & & 1,622 \\ \cline { 2 - 3 } \multicolumn{1}{l}{ Total current assets } & 90,067 & & 61,806 \end{tabular} \begin{tabular}{lrr} Property and equipment, net & 92,201 & 105,208 \\ Operating lease right-of-use assets & 13,642 & 17,424 \\ Finance lease right-of-use assets, net & 4,005 & 4,417 \\ Goodwill & 28,983 & 31,073 \\ Other long-term assets & 23,598 & 16,567 \\ \hline Total assets & $252,496 & 236,495 \\ \hline \end{tabular} 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 Total current liabilities \begin{tabular}{l} As of January 31, \\ \hline 2021 \\ \hline \end{tabular} 20212020 65843506 Long-termdebtLong-termoperatingleaseobligationsLong-termfinanceleaseobligationsDeferredincometaxesandother41,19412,9093,84714,37043,71416,1714,30712,961 Commitments and contingencies Equity: \begin{tabular}{|lrr|} \hline Common stock & 282 & 284 \\ \hline Capital in excess of par value & 3,646 & 3,247 \\ \hline Retained earnings & 88,763 & 83,943 \\ \hline Accumulated other comprehensive loss & (11,766) & (12,805) \\ \hline Total Walmart shareholders' equity & 80,925 & 74,669 \\ \hline Noncontrolling interest & 6,606 & 6,883 \\ \hline Total equity & 87,531 & 81,552 \\ \hline Total liabilities and equity & $252,496 & $236,495 \\ \hline \end{tabular} Walmart Inc. Consolidated Balance Sheets (Amounts in millions) ASSETS Current assets: \begin{tabular}{lrrr} Cash and cash equivalents & $17,741 & $ & 9,465 \\ Receivables, net & 6,516 & 6,284 \\ Inventories & 44,949 & & 44,435 \\ Prepaid expenses and other & 20,861 & & 1,622 \\ \cline { 2 - 3 } \multicolumn{1}{l}{ Total current assets } & 90,067 & & 61,806 \end{tabular} \begin{tabular}{lrr} Property and equipment, net & 92,201 & 105,208 \\ Operating lease right-of-use assets & 13,642 & 17,424 \\ Finance lease right-of-use assets, net & 4,005 & 4,417 \\ Goodwill & 28,983 & 31,073 \\ Other long-term assets & 23,598 & 16,567 \\ \hline Total assets & $252,496 & 236,495 \\ \hline \end{tabular} 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 Total current liabilities \begin{tabular}{l} As of January 31, \\ \hline 2021 \\ \hline \end{tabular} 20212020 65843506 Long-termdebtLong-termoperatingleaseobligationsLong-termfinanceleaseobligationsDeferredincometaxesandother41,19412,9093,84714,37043,71416,1714,30712,961 Commitments and contingencies Equity: \begin{tabular}{|lrr|} \hline Common stock & 282 & 284 \\ \hline Capital in excess of par value & 3,646 & 3,247 \\ \hline Retained earnings & 88,763 & 83,943 \\ \hline Accumulated other comprehensive loss & (11,766) & (12,805) \\ \hline Total Walmart shareholders' equity & 80,925 & 74,669 \\ \hline Noncontrolling interest & 6,606 & 6,883 \\ \hline Total equity & 87,531 & 81,552 \\ \hline Total liabilities and equity & $252,496 & $236,495 \\ \hline \end{tabular}