Complete years 2 to 5 of the financial statement using the following assumptions.

COMPREHENSIVE INCOME STATEMENT 2012 Year+1 Year +2 Year +3 Year +4 Year +5 Revenues COGS Gross Profit SG&A Expense Operating Income Interest Income Interest Expense Income Before Tax Income Tax Expense Net Income NI Attributable to NCI NI Attributable to CS OCI Comprehensive Income 469,162 (352,488) 116,674 (88,873) 27,801 187 (2,251) 25,737 (7,981) 17,756 (757) 16,999 823 17,822 (809) (809) (809) (809) (809) Income Statement Forecast Assumptions Sales Sales grew by 3.4% in 2010, 6.0% in 2011, and 50% in 2012. The compound annual sales growth rate during the last three years was 5.5%. Walmart generates sales growth primarily through increasing same-store sales, opening new stores, and acquiring other retailers. In the future, Walmart will continue to grow in international markets by opening stores and acquiring other firms and in domestic U.S. markets by converting discount stores to Supercenters. In addi- tion, despite vigorous competition, Walmart will likely continue to generate steady increases in same-store sales, consistent with its experience through 2012. Assume that sales will grow 4.0% each year from Year +1 through Year +5 Cost of Goods Sold The percentage of costs of goods sold relative to sales increased slightly from 74.7% of sales in 2010 to 75.0% in 2011 to 75.1% in 2012, Walmart's everyday low-price strategy, its movement into grocery products, and competition will likely prevent Walmart from achieving significant reductions in this expense percentage. Assume that the cost of goods sold to sales percentage will be 75.0% for Year +1 to Year +5. The selling and administrative expenses percentage has declined slightly from 19.3% of sales in 2010 to 19.1% in 2011 to 18.9% in 2012. Walmart has exhibited strong cost control over the years and is likely to continue to exhibits such control. Assume that the selling and administrative expenses will continue to average 19% for sales for year +1 to years +5. Interest Income Walmart earns interest income on its cash and cash equivalents accounts The average interest rate earned on average cash balances was approximately 2.6% during 2012, similar to rates earned in 2010 and 2011. Assume that Walmart will earn interest income based on a 2.6% interest rate on average cash balances (that is, the sum of beginning and end- of-year cash balances divided by 2) for Year +1 through Year +5. (Note: Projecting the amount of interest income must await projection of cash on the balance sheet.) Interest Expense Walmart uses long-term mortgages and capital leases to finance new stores and warehouses and short- and long-term debt to finance corporate acquisitions. The aveage interest rate on all interest-bearing debt and capital leases was approximately 42% during 2011 and 2012 Assume a 42% interest rate for all outstanding borrowing short-term and long-term debt, including capital leases, and the current portion of long-term debt) for Waimartbeari +1 through Year +5. Compute interest expense on the average amount of debt outstanding each year. (Note: Projecting the amount of interest expense m jection of the interest-bearing debt accounts on the balance sheet.) n of long-term debt) for Walmart for nt of interet-beari ust await pro- Income Tax Expense Walmart's average income tax rate as a percentage of income before taxes has been roughly 32% during the last two years. Assume that Walmart's effective income tax rate remains a constant 32.0% of income before taxes for Year +1 through Year +5. (Note Projecting the amount of income tax expense must await computation of income before taxes Net Income Attributable to Noncontrolling Interests Noncontrolling interest shareholdes in Walmart subsidiaries were entitled to a $757 million share in Walmart's 2012 net income which amounted to roughly a 15% rate of return on investment. Assume that the portion ofs income attributable to noncontrolling interests in the future will continue to amount to a lbe rate of return in Year +1 through Year +5. COMPREHENSIVE INCOME STATEMENT 2012 Year+1 Year +2 Year +3 Year +4 Year +5 Revenues COGS Gross Profit SG&A Expense Operating Income Interest Income Interest Expense Income Before Tax Income Tax Expense Net Income NI Attributable to NCI NI Attributable to CS OCI Comprehensive Income 469,162 (352,488) 116,674 (88,873) 27,801 187 (2,251) 25,737 (7,981) 17,756 (757) 16,999 823 17,822 (809) (809) (809) (809) (809) Income Statement Forecast Assumptions Sales Sales grew by 3.4% in 2010, 6.0% in 2011, and 50% in 2012. The compound annual sales growth rate during the last three years was 5.5%. Walmart generates sales growth primarily through increasing same-store sales, opening new stores, and acquiring other retailers. In the future, Walmart will continue to grow in international markets by opening stores and acquiring other firms and in domestic U.S. markets by converting discount stores to Supercenters. In addi- tion, despite vigorous competition, Walmart will likely continue to generate steady increases in same-store sales, consistent with its experience through 2012. Assume that sales will grow 4.0% each year from Year +1 through Year +5 Cost of Goods Sold The percentage of costs of goods sold relative to sales increased slightly from 74.7% of sales in 2010 to 75.0% in 2011 to 75.1% in 2012, Walmart's everyday low-price strategy, its movement into grocery products, and competition will likely prevent Walmart from achieving significant reductions in this expense percentage. Assume that the cost of goods sold to sales percentage will be 75.0% for Year +1 to Year +5. The selling and administrative expenses percentage has declined slightly from 19.3% of sales in 2010 to 19.1% in 2011 to 18.9% in 2012. Walmart has exhibited strong cost control over the years and is likely to continue to exhibits such control. Assume that the selling and administrative expenses will continue to average 19% for sales for year +1 to years +5. Interest Income Walmart earns interest income on its cash and cash equivalents accounts The average interest rate earned on average cash balances was approximately 2.6% during 2012, similar to rates earned in 2010 and 2011. Assume that Walmart will earn interest income based on a 2.6% interest rate on average cash balances (that is, the sum of beginning and end- of-year cash balances divided by 2) for Year +1 through Year +5. (Note: Projecting the amount of interest income must await projection of cash on the balance sheet.) Interest Expense Walmart uses long-term mortgages and capital leases to finance new stores and warehouses and short- and long-term debt to finance corporate acquisitions. The aveage interest rate on all interest-bearing debt and capital leases was approximately 42% during 2011 and 2012 Assume a 42% interest rate for all outstanding borrowing short-term and long-term debt, including capital leases, and the current portion of long-term debt) for Waimartbeari +1 through Year +5. Compute interest expense on the average amount of debt outstanding each year. (Note: Projecting the amount of interest expense m jection of the interest-bearing debt accounts on the balance sheet.) n of long-term debt) for Walmart for nt of interet-beari ust await pro- Income Tax Expense Walmart's average income tax rate as a percentage of income before taxes has been roughly 32% during the last two years. Assume that Walmart's effective income tax rate remains a constant 32.0% of income before taxes for Year +1 through Year +5. (Note Projecting the amount of income tax expense must await computation of income before taxes Net Income Attributable to Noncontrolling Interests Noncontrolling interest shareholdes in Walmart subsidiaries were entitled to a $757 million share in Walmart's 2012 net income which amounted to roughly a 15% rate of return on investment. Assume that the portion ofs income attributable to noncontrolling interests in the future will continue to amount to a lbe rate of return in Year +1 through Year +5