CP$5-2($Static$)$ Finding Financial Information LO$-5-2,5-3$

Refer to the financial statements of Walmart given in Appendix C$.$ At the bottom of each statement, the company warns readers that $$The accompanying notes are an integral part of these financial statements.$$ The following questions illustrate the types of information that you can find in the financial statements and accompanying notes. $($Hint: Use the notes.$)$ All dollar amounts are in millions.

Required:

What subtotals does Walmart report on its income statement?

The company spent $$10,264$ on purchases of Property and equipment and $$180$ on business acquisitions during the most recent year. Were operating activities or financing activities the major source of cash for these expenditures?

What was the company$$s largest asset $($net$)$ at the end of the most recent year?

What are the two largest components of the company$$s $$Current liabilities$?$

Over what useful lives is $$Transportation equipment$$ depreciated?

What percentage of gross $$Property and equipment$$ is composed of $$Buildings and improvements$?$

Using Total revenues and Cost of sales from the Income Statement, compute the company$$s gross profit percentage $($use total revenues in place of net sales$)$ for the most recent two years.

Has it increased or decreased?