E lilt == Paragraph 2. Illustrative Case Materiality Guidelines Styles + 5 One of the Big 4 CPA firms has developed the following table to assist its audit staff in determining planning material- ity based on the greater of total assets or total sales. If the Greater of Total Assets or Total Revenues Is: Materiality is: Over 50 But Not Over Times The Excess Over $30,000 30,000 100,000 300,000 1,000,000 3,000,000 100,000 0+05900 1,780 03100 50 30,000 300,000 3,970 02140 100,000 1,000,000 8,300 01450 300,000 3,000,000 18,400 01000 1,000,000 10,000,000 38,300 .00670 3,000,000 10,000,000 30,000,000 85,500 .00460 10,000,000 30,000,000 100,000,000 100,000,000 300,000,000 178,000+ .00313 397,000+.00214 30,000,000 100,000,000 300,000,000 1,000,000,000 826,000+.00145 300,000,000 1,000,000,000 3,000,000,000 1,840,000+.00100 1,000,000,000 3,000,000,000 10,000,000,000 10,000,000,000 3,830,000+.00067 30,000,000,000 30,000,000,000 100,000,000,000 300,000,000,000 100,000,000,000 300,000,000,000 8,550,000+.00046 17,800,000 .00031 39,700,000 + 00021 82,600,000+.00015 3,000,000,000 10,000,000,000 30,000,000,000 100,000,000,000 300,000,000,000 To illustrate application of the table, assume that a company has $12,670,000 of total assets and $20,520,000 of total revenue. Planning materiality would be calculated as described below: $85,500+00460 ($20,520,000 $10,000,000) $133,892. Using the materiality Guidelines on previous page, Calculate Materiality for Walmart for 2020 and 2019 Wal Mart Income Statement and Balance Sheet have been uploaded Double check your calculations - simple calculation errors means the answer is wrong Make sure you review how I calculated Coca Cola Materiality on page 21 of the outline prior to calculating Wal Mart's materiality