Calculate these ratio.Using Excel, complete trend analysis (both horizontal and vertical) and calculate all ratios. Discuss the company's activity ratios. Be sure to fully identify what caused certain trends and changes in patterns. Calculate these ratio.

1. Current Ratio
2. Quick or acid-test ratio
3. Current cash debt coverage
4. Account receivable turnover
5. Inventory turnover
6. Asset turnover
7. Profit margin on sales
8. Return on assets
9. Return on common stockholders' equity
10. Earnings per share
11. Payout ratio
12. Debt to assets ratio
13. Times interest earned
14. Cash debt coverage
15. Book value per share

Walmart Inc. Consolidated Balance Sheets As of January 31, 2019 2018 S $ 7,722 6,283 44,269 3,623 61,897 6,756 5,614 43,783 3,511 59,664 (Amounts in millions) ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net 185,810 (81,493) 104,317 185,154 (77,479) 107,675 12,760 (5,682) 7,078 12,703 (5,560) 7,143 Goodwill Other long-term assets Total assets 31,181 14,822 219,295 18,242 11,798 204,522 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings $ Accounts payable Accrued liabilities Accrued income taxes 5,225 47,060 22,159 428 1,876 729 77,477 5,257 46,092 22,122 645 3,738 667 78,521 Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Total current liabilities 77,477 78,521 Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other 43,520 6,683 11,981 30,045 6,780 8,354 Commitments and contingencies 288 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 295 2,648 85,107 (10,181) 2,965 80,785 (11,542) 72,496 7,138 79,634 219,295 77,869 2,953 80,822 204,522 Walmart me. Consolidated Statements of Cash Flows Fiscal Years Ended January 31, 2019 2018 2017 7,179 $ 10,523 $ 14,293 10,529 10,080 (Amounts in 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 Deferred income taxes Loss on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net 10,678 3,516 4,850 (499) - 761 (304) 3,136 1,210 1,734 206 Inventories Accounts payable Accrued liabilities (368) (1,311) 1,831 183 (40) 27,753 (1,074) (140) 4,086 928 (557) 28,337 (402) 1,021 3,942 1,280 492 31,673 Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: (10,344) 519 876 (10,051) 378 1,046 Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Payments for business acquisitions, net of cash acquired Other investing activities (10,619) 456 662 (1,901) (2,463) (31) (13,896) (14,656) (431) (24,036) (375) (77) (9,079) 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 (53) 15,872 (3,784) (1,673) 137 (2,055) Premiums paid to extinguish debt (6,102) (7,410) (431) Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) (6,216) (8,298) (479) (90) (398) (19,072) (629) (2,537) Effect of exchange rates on cash, cash equivalents and restricted cash (438) 487 (452) 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 period 742 7,014 7,756 (130) 7,144 7,014 (1,747) 8,891 7,144 $ $ $ Supplemental disclosure of cash flow information: Income taxes paid Interest paid 3,982 2,348 6,179 2,450 4,507 2,351 See accompanying notes. Walmart Inc. Consolidated Statements of Income Fiscal Years Ended January 31, 2018 2019 2017 (Amounts in millions, except per share data) Revenues: $ $ 510,329 4,076 514,405 495,761 4,582 500,343 481,317 4,556 485,873 Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt 385,301 107,147 21,957 373,396 106,510 20,437 361,256 101,853 22,764 1,978 352 2,044 323 Capital lease and financing obligations 1,975 371 (217) 2,129 Interest income (152) (100) Interest, net 2,178 2,267 Loss on extinguishment of debt 3.136 Other (gains) and losses Income before income taxes Provision for income taxes 8,368 11,460 4,281 Consolidated net income 15,123 4,600 10,523 (661) 9,862 7,179 (509) 6,670 20,497 6,204 14,293 (650) 13,643 Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart Net income per common share: $ $ Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart 2.28 2.26 3.29 3.28 4.40 4.38 Weighted average common shares outstanding: Basic 2,929 2,945 2,995 3,010 3,101 3,112 Diluted Dividends declared per common share 2.08 $ 2.04 2.00 Walmart Inc. Consolidated Statements of Comprehensive Income Amounts in millions) 2019 2017 Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart $ Fiscal Years Ended January 31, 2018 $ 10,523 (661) 9,862 7,179 (509) 14,293 (650) 6,670 13,643 2,540 (405) 437 (3,027) 413 (226) 272 (290) 131 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 (loss) attributable to Walmart 21 147 (397) 145 1.501 (113) 4,220 (2,845) (169) 210 188 75 4,051 (2,635) 7,066 11,448 Comprehensive income, net of income taxes Comprehensive (income) loss attributable to noncontrolling interest Comprehensive income attributable to Walmart (321) 14,743 (830) 13,913 (440) 11,008 6,745 $ $ Tee accompanying notes. Walmart Inc. Consolidated Statements of Shareholders' Equity Accumulated Total Other Walmart Common Stock Retained Comprehensive Shareholders' Total Capital in Excess of Par Value 1,805 Shares Amount 3,162 $ 317 $ $ Earnings 90,021 13,643 Income (Loss) (11,597) S $ $ (Amounts in millions) Balances as of February 1, 2016 Consolidated net income Other comprehensive income (loss), net of income taxes Cash dividends declared ($2.00 per share) Purchase of Company stock Cash dividend declared to noncontrolling interest $ Noncontrolling Interest 3,065 650 (210) Equity 80,546 13,643 (2,635) (6,216) (8,276) (2,635) - - (12) (6,216) (8,090) (120) (174) - (519) (249) Equity 83,611 14,293 (2,845) (6,216) (8,276) (519) 487 80,535 10,523 4,220 Other 736 6 3,048 740 2,371 305 (14,232) 2,737 89,354 9,862 77,798 9,862 4,051 Balances as of January 31, 2017 Consolidated net income Other comprehensive income (loss), net of income taxes Cash dividends declared ($2.04 per share) Purchase of Company stock Cash dividend declared to noncontrolling interest Other Balances as of January 31, 2018 Adoption of new accounting standards on February 1, 2018, net of income taxes 661 169 - 4,051 (6,124) (8,204) (6,124) (7,975) (103) (219) (6,124) (8,204) (687) 559 - 496 (10) 486 77,869 (687) 73 2,953 2,952 295 2,648 85,107 (10,181) 80,822 2,361 (1,436) 925 (1) 924 6,670 509 ITII TI (188) Consolidated net income Other comprehensive income (loss), net of income taxes Cash dividends declared ($2.08 per share) Purchase of Company stock Cash dividend declared to noncontrolling interest Noncontrolling interest of acquired entity 6,670 75 (6,102) (7,487) (6,102) (7,234) 7,179 (113) (6,102) (7,487) (488) (245) - TITI (488) 4,345 4,345 Other 562 554 (17) 80,785 546 72,496 Balances as of January 31, 2019 2.878 $ 288 $ 2,965 $ $ (11,542) $ $ 7,138 79,634 Walmart Inc. Consolidated Balance Sheets As of January 31, 2019 2018 S $ 7,722 6,283 44,269 3,623 61,897 6,756 5,614 43,783 3,511 59,664 (Amounts in millions) ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net 185,810 (81,493) 104,317 185,154 (77,479) 107,675 12,760 (5,682) 7,078 12,703 (5,560) 7,143 Goodwill Other long-term assets Total assets 31,181 14,822 219,295 18,242 11,798 204,522 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings $ Accounts payable Accrued liabilities Accrued income taxes 5,225 47,060 22,159 428 1,876 729 77,477 5,257 46,092 22,122 645 3,738 667 78,521 Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Total current liabilities 77,477 78,521 Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other 43,520 6,683 11,981 30,045 6,780 8,354 Commitments and contingencies 288 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 295 2,648 85,107 (10,181) 2,965 80,785 (11,542) 72,496 7,138 79,634 219,295 77,869 2,953 80,822 204,522 Walmart me. Consolidated Statements of Cash Flows Fiscal Years Ended January 31, 2019 2018 2017 7,179 $ 10,523 $ 14,293 10,529 10,080 (Amounts in 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 Deferred income taxes Loss on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net 10,678 3,516 4,850 (499) - 761 (304) 3,136 1,210 1,734 206 Inventories Accounts payable Accrued liabilities (368) (1,311) 1,831 183 (40) 27,753 (1,074) (140) 4,086 928 (557) 28,337 (402) 1,021 3,942 1,280 492 31,673 Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: (10,344) 519 876 (10,051) 378 1,046 Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Payments for business acquisitions, net of cash acquired Other investing activities (10,619) 456 662 (1,901) (2,463) (31) (13,896) (14,656) (431) (24,036) (375) (77) (9,079) 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 (53) 15,872 (3,784) (1,673) 137 (2,055) Premiums paid to extinguish debt (6,102) (7,410) (431) Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) (6,216) (8,298) (479) (90) (398) (19,072) (629) (2,537) Effect of exchange rates on cash, cash equivalents and restricted cash (438) 487 (452) 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 period 742 7,014 7,756 (130) 7,144 7,014 (1,747) 8,891 7,144 $ $ $ Supplemental disclosure of cash flow information: Income taxes paid Interest paid 3,982 2,348 6,179 2,450 4,507 2,351 See accompanying notes. Walmart Inc. Consolidated Statements of Income Fiscal Years Ended January 31, 2018 2019 2017 (Amounts in millions, except per share data) Revenues: $ $ 510,329 4,076 514,405 495,761 4,582 500,343 481,317 4,556 485,873 Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt 385,301 107,147 21,957 373,396 106,510 20,437 361,256 101,853 22,764 1,978 352 2,044 323 Capital lease and financing obligations 1,975 371 (217) 2,129 Interest income (152) (100) Interest, net 2,178 2,267 Loss on extinguishment of debt 3.136 Other (gains) and losses Income before income taxes Provision for income taxes 8,368 11,460 4,281 Consolidated net income 15,123 4,600 10,523 (661) 9,862 7,179 (509) 6,670 20,497 6,204 14,293 (650) 13,643 Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart Net income per common share: $ $ Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart 2.28 2.26 3.29 3.28 4.40 4.38 Weighted average common shares outstanding: Basic 2,929 2,945 2,995 3,010 3,101 3,112 Diluted Dividends declared per common share 2.08 $ 2.04 2.00 Walmart Inc. Consolidated Statements of Comprehensive Income Amounts in millions) 2019 2017 Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart $ Fiscal Years Ended January 31, 2018 $ 10,523 (661) 9,862 7,179 (509) 14,293 (650) 6,670 13,643 2,540 (405) 437 (3,027) 413 (226) 272 (290) 131 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 (loss) attributable to Walmart 21 147 (397) 145 1.501 (113) 4,220 (2,845) (169) 210 188 75 4,051 (2,635) 7,066 11,448 Comprehensive income, net of income taxes Comprehensive (income) loss attributable to noncontrolling interest Comprehensive income attributable to Walmart (321) 14,743 (830) 13,913 (440) 11,008 6,745 $ $ Tee accompanying notes. Walmart Inc. Consolidated Statements of Shareholders' Equity Accumulated Total Other Walmart Common Stock Retained Comprehensive Shareholders' Total Capital in Excess of Par Value 1,805 Shares Amount 3,162 $ 317 $ $ Earnings 90,021 13,643 Income (Loss) (11,597) S $ $ (Amounts in millions) Balances as of February 1, 2016 Consolidated net income Other comprehensive income (loss), net of income taxes Cash dividends declared ($2.00 per share) Purchase of Company stock Cash dividend declared to noncontrolling interest $ Noncontrolling Interest 3,065 650 (210) Equity 80,546 13,643 (2,635) (6,216) (8,276) (2,635) - - (12) (6,216) (8,090) (120) (174) - (519) (249) Equity 83,611 14,293 (2,845) (6,216) (8,276) (519) 487 80,535 10,523 4,220 Other 736 6 3,048 740 2,371 305 (14,232) 2,737 89,354 9,862 77,798 9,862 4,051 Balances as of January 31, 2017 Consolidated net income Other comprehensive income (loss), net of income taxes Cash dividends declared ($2.04 per share) Purchase of Company stock Cash dividend declared to noncontrolling interest Other Balances as of January 31, 2018 Adoption of new accounting standards on February 1, 2018, net of income taxes 661 169 - 4,051 (6,124) (8,204) (6,124) (7,975) (103) (219) (6,124) (8,204) (687) 559 - 496 (10) 486 77,869 (687) 73 2,953 2,952 295 2,648 85,107 (10,181) 80,822 2,361 (1,436) 925 (1) 924 6,670 509 ITII TI (188) Consolidated net income Other comprehensive income (loss), net of income taxes Cash dividends declared ($2.08 per share) Purchase of Company stock Cash dividend declared to noncontrolling interest Noncontrolling interest of acquired entity 6,670 75 (6,102) (7,487) (6,102) (7,234) 7,179 (113) (6,102) (7,487) (488) (245) - TITI (488) 4,345 4,345 Other 562 554 (17) 80,785 546 72,496 Balances as of January 31, 2019 2.878 $ 288 $ 2,965 $ $ (11,542) $ $ 7,138 79,634