FInancial Statements of

1. General Motors

2. Walmart Retail Chain

3. Create a common-size income statement for both companies that you choose

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
	December 31, 2015	December 31, 2014
ASSETS
Current Assets
Cash and cash equivalents	$ 15,238	$ 18,954
Marketable securities (Note 3)	8,163	9,222
Restricted cash and marketable securities (Note 3; Note 10 at VIEs)	1,590	1,338
Accounts and notes receivable (net of allowance of $327 and $340)	8,337	9,078
GM Financial receivables, net (Note 4; Note 10 at VIEs)	18,051	16,528
Inventories (Note 5)	13,764	13,642
Equipment on operating leases, net (Note 6)	2,783	3,564
Deferred income taxes (Note 16)	8,599	9,760
Other current assets	1,482	1,540
Total current assets	78,007	83,626
Non-current Assets
Restricted cash and marketable securities (Note 3; Note 10 at VIEs)	583	935
GM Financial receivables, net (Note 4; Note 10 at VIEs)	18,500	16,006
Equity in net assets of nonconsolidated affiliates (Note 7)	9,201	8,350
Property, net (Note 8)	31,229	27,743
Goodwill and intangible assets, net (Note 9)	5,947	6,410
GM Financial equipment on operating leases, net (Note 6; Note 10 at VIEs)	20,172	7,060
Deferred income taxes (Note 16)	28,443	25,414
Other assets	2,438	1,957
Total non-current assets	116,513	93,875
Total Assets	$ 194,520	$ 177,501
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)	$ 24,062	$ 22,529
Short-term debt and current portion of long-term debt (Note 12)
Automotive	817	497
GM Financial (Note 10 at VIEs)	18,745	14,447
Accrued liabilities (Note 11)	27,842	28,184
Total current liabilities	71,466	65,657
Non-current Liabilities
Long-term debt (Note 12)
Automotive	7,948	8,853
GM Financial (Note 10 at VIEs)	35,601	22,868
Postretirement benefits other than pensions (Note 13)	5,685	6,229
Pensions (Note 13)	20,911	23,788
Other liabilities (Note 11)	12,586	14,082
Total non-current liabilities	82,731	75,820
Total Liabilities	154,197	141,477
Commitments and contingencies (Note 15)
Equity (Note 19)
Common stock, $0 01 par value	15	16
Additional paid-in capital	27,607	28,937
Retained earnings	20,285	14,577
Accumulated other comprehensive loss	-8,036	-8,073
Total stockholders equity	39,871	35,457
Noncontrolling interests	452	567
Total Equity	40,323	36,024
Total Liabilities and Equity	$ 194,520	$ 177,501

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts)
	Years Ended December 31,
	2015	2014	2013
Net sales and revenue
Automotive	$ 145,922	$ 151,092	$ 152,092
GM Financial	6,434	4,837	3,335
Total net sales and revenue	152,356	155,929	155,427
Costs and expenses
Automotive cost of sales (Note 11)	128,321	138,082	134,925
GM Financial interest, operating and other expenses	5,733	4,039	2,448
Automotive selling, general and administrative expense	13,405	12,158	12,382
Goodwill impairment charges (Note 9)	-	120	541
Total costs and expenses	147,459	154,399	150,296
Operating income	4,897	1,530	5,131
Automotive interest expense	443	403	334
Interest income and other non-operating income, net (Note 18)	621	823	1,063
Gain (loss) on extinguishment of debt (Note 12)	449	202	-212
Equity income (Note 7)	2,194	2,094	1,810
Income before income taxes	7,718	4,246	7,458
Income tax expense (benefit) (Note 16)	-1,897	228	2,127
Net income	9,615	4,018	5,331
Net (income) loss attributable to noncontrolling interests	72	-69	15
Net income attributable to stockholders	$ 9,687	$ 3,949	$ 5,346
Net income attributable to common stockholders	$ 9,687	$ 2,804	$ 3,770
Earnings per share (Note 20)
Basic
Basic earnings per common share	$ 6 11	$ 1 75	$ 2 71
Weighted-average common shares outstanding	1,586	1,605	1,393
Diluted
Diluted earnings per common share	$ 5 91	$ 1 65	$ 2 38
Weighted-average common shares outstanding	1,640	1,687	1,676
Net income	$ 9,615	$ 4,018	$ 5,331
Other comprehensive income (loss), net of tax (Note 19)
Foreign currency translation adjustments	-955	-473	-733
Defined benefit plans, net	1,011	-4,505	5,693
Other	-	-5	-39
Other comprehensive income (loss), net of tax	56	-4,983	4,921
Comprehensive income (loss)	9,671	-965	10,252
Comprehensive (income) loss attributable to noncontrolling interests	53	-46	33
Comprehensive income (loss) attributable to stockholders	$ 9,724	$ (1,011)	$ 10,285

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
	Years Ended December 31,
	2015	2014	2013
Cash flows from operating activities
Net income	$ 9,615	$ 4,018	$ 5,331
Depreciation, amortization and impairment charges	8,017	7,238	8,041
Foreign currency remeasurement and transaction losses	829	437	350
Amortization of discount and issuance costs on debt issues	176	181	114
Undistributed earnings of nonconsolidated affiliates and gains on investments	-147	-301	-92
Pension contributions and OPEB payments	-1,600	-1,315	-1,458
Pension and OPEB expense, net	321	439	638
(Gains) losses on extinguishment of debt	-449	-202	212
Provision (benefit) for deferred taxes	-2,757	-574	1,561
Change in other operating assets and liabilities (Note 24)	-1,754	244	-1,326
Other operating activities	-273	-107	-741
Net cash provided by operating activities	11,978	10,058	12,630
Cash flows from investing activities
Expenditures for property	-7,874	-7,091	-7,565
Available-for-sale marketable securities, acquisitions	-8,113	-7,636	-6,754
Trading marketable securities, acquisitions	-1,250	-1,518	-3,214
Available-for-sale marketable securities, liquidations	8,463	6,874	3,566
Trading marketable securities, liquidations	1,758	1,881	6,538
Acquisition of companies/investments, net of cash acquired	-928	-53	-2,623
Proceeds from sale of business units/investments, net of cash disposed	-	-	896
Increase in restricted cash and marketable securities	-744	-839	-984
Decrease in restricted cash and marketable securities	376	515	1,107
Purchases of finance receivables	-17,495	-14,744	-10,838
Principal collections and recoveries on finance receivables	11,726	10,860	7,555
Purchases of leased vehicles, net	-15,158	-4,776	-2,254
Proceeds from termination of leased vehicles	1,096	533	217
Other investing activities	108	296	-9
Net cash used in investing activities	-28,035	-15,698	-14,362
Cash flows from financing activities
Net increase in short-term debt	1,128	391	156
Proceeds from issuance of debt (original maturities greater than three months)	35,679	31,373	28,041
Payments on debt (original maturities greater than three months)	-17,256	-19,524	-20,191
Payments to purchase stock	-3,520	-3,277	-2,438
Dividends paid (including charge related to redemption and purchase of Series A Preferred Stock)	-2,242	-3,165	-1,687
Other financing activities	-103	-123	-150
Net cash provided by financing activities	13,686	5,675	3,731
Effect of exchange rate changes on cash and cash equivalents	-1,345	-1,102	-400
Net increase (decrease) in cash and cash equivalents	-3,716	-1,067	1,599
Cash and cash equivalents at beginning of period	18,954	20,021	18,422
Cash and cash equivalents at end of period	$ 15,238	$ 18,954	$ 20,021
Significant Non-cash Investing and Financing Activity
Non-cash property additions	$ 4,676	$ 3,313	$ 3,224
Mandatory conversion of Series B Preferred Stock into common stock (Note 19)			$ 4,854

Walmart Company & Its Subsidiaries
Consolidated Statements of Income
	Fiscal Years Ended January 31,
(Amounts in millions, except per share data)	2016	2015	2014
Revenues:
Net sales	$478,614	$482,229	$473,076
Membership and other income	3,516	3,422	3,218
Total revenues	482,130	485,651	476,294
Costs and expenses:
Cost of sales	360,984	365,086	358,069
Operating, selling, general and administrative expenses	97,041	93,418	91,353
Operating income	24,105	27,147	26,872
Interest:
Debt	2,027	2,161	2,072
Capital lease and financing obligations	521	300	263
Interest income	-81	-113	-119
Interest, net	2,467	2,348	2,216
Income from continuing operations before income taxes	21,638	24,799	24,656
Provision for income taxes:
Current	7,584	8,504	8,619
Deferred	-1,026	-519	-514
Total provision for income taxes	6,558	7,985	8,105
Income from continuing operations	15,080	16,814	16,551
Income from discontinued operations, net of income taxes		285	144
Consolidated net income	15,080	17,099	16,695
Consolidated net income attributable to noncontrolling interest	-386	-736	-673
Consolidated net income attributable to Walmart	$ 14,694	$ 16,363	$ 16,022
Basic net income per common share:
Basic income per common share from continuing operations attributable to Walmart	$ 4.58	$ 5.01	$ 4.87
Basic income per common share from discontinued operations attributable to Walmart		0.06	0.03
Basic net income per common share attributable to Walmart	$ 4.58	$ 5.07	$ 4.9
Diluted net income per common share:
Diluted income per common share from continuing operations attributable to Walmart	$ 4.57	$ 4.99	$ 4.85
Diluted income per common share from discontinued operations attributable to Walmart		0.06	0.03
Diluted net income per common share attributable to Walmart	$ 4.57	$ 5.05	$ 4.88
Weighted-average common shares outstanding:
Basic	3,207	3,230	3,269
Diluted	3,217	3,243	3,283
Dividends declared per common share	$ 1.96	$ 1.92	$ 1.88
Consolidated Statements of Comprehensive Income
Amounts in millions)	2016	2015	2014
Consolidated net income	15,080	17,099	16,695
Less consolidated net income attributable to nonredeemable noncontrolling interest	-386	-736	-606
Less consolidated net income attributable to redeemable noncontrolling interest	-	-	-67
Consolidated net income attributable to Walmart	14,694	16,363	16,022
Other comprehensive income (loss), net of income taxes
Currency translation and other	-5,220	-4,558	-3,221
Net investment hedges	366	379	75
Cash flow hedges	-202	-470	207
Minimum pension liability	86	-69	153
Other comprehensive income (loss), net of income taxes	-4,970	-4,718	-2,786
Less other comprehensive income (loss) attributable to nonredeemable noncontrolling interest	541	546	311
Less other comprehensive income (loss) attributable to redeemable noncontrolling interest	-	-	66
Other comprehensive income (loss) attributable to Walmart	-4,429	-4,172	-2,409
Comprehensive income, net of income taxes	10,110	12,381	13,909
Less comprehensive income (loss) attributable to nonredeemable noncontrolling interest	155	-190	-295
Less comprehensive income (loss) attributable to redeemable noncontrolling interest	-	-	-1
Comprehensive income attributable to Walmart	10,265	12,191	13,613

Walmart & Its Subsidiaries
Consolidated Balance Sheets
(Amounts in millions)
	2016	2015
ASSETS
Current assets:
Cash and cash equivalents	8,705	9,135
Receivables, net	5,624	6,778
Inventories	44,469	45,141
Prepaid expenses and other	1,441	2,224
Total current assets	60,239	63,278
Property and equipment:
Property and equipment	176,958	177,395
Less accumulated depreciation	-66,787	-63,115
Property and equipment, net	110,171	114,280
Property under capital lease and financing obligations:
Property under capital lease and financing obligations	11,096	5,239
Less accumulated amortization	-4,751	-2,864
Property under capital lease and financing obligations, net	6,345	2,375
Goodwill	16,695	18,102
Other assets and deferred charges	6,131	5,455
Total assets	199,581	203,490
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	2,708	1,592
Accounts payable	38,487	38,410
Accrued liabilities	19,607	19,152
Accrued income taxes	521	1,021
Long-term debt due within one year	2,745	4,791
Capital lease and financing obligations due within one year	551	287
Total current liabilities	64,619	65,253
Long-term debt	38,214	40,889
Long-term capital lease and financing obligations	5,816	2,606
Deferred income taxes and other	7,321	8,805
Commitments and contingencies
Equity:
Common stock	317	323
Capital in excess of par value	1,805	2,462
Retained earnings	90,021	85,777
Accumulated other comprehensive income (loss)	-11,597	-7,168
Total Walmart shareholders equity	80,546	81,394
Nonredeemable noncontrolling interest	3,065	4,543
Total equity	83,611	85,937
Total liabilities and equity	199,581	203,490

Walmart & Its Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:	2016	2015	2014
Consolidated net income	$15080	$17099	$16695
Income from discontinued operations, net of income taxes		-285	-144
Income from continuing operations	15,080	16,814	16,551
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation and amortization
Deferred income taxes
Other operating activities
Changes in certain assets and liabilities, net of effects of acquisitions:
Receivables,	-19	-569	-566
Inventories	-703	-1,229	-1,667
Accounts payable	2,008	2,678	531
Accrued liabilities	1,303	1,249	103
Accrued income taxes	-472	166	-1,224
Net cash provided by operating activities	27,389	28,564	23,257
Cash flows from investing activities:	-11,477	-12,174	-13,115
Payments for property and equipment	635	570	727
Proceeds from disposal of property and equipment	246	671
Proceeds from disposal of certain operations
Other investing activities	-79	-192	-138
Net cash used in investing activities	-10,675	-11,125	-12,526
Cash flows from financing activities:
Net change in short-term borrowings	1,235	-6,288	911
Proceeds from issuance of long-term debt	39	5,174	7,072
Payments of long-term debt	-4,432	-3,904	-4,968
Dividends paid	-6,294	-6,185	-6,139
Purchase of Company stock	-4,112	-1,015	-6,683
Dividends paid to noncontrolling interest	-719	-600	-426
Purchase of noncontrolling interest	-1,326	-1,844	-296
Other financing activities	-513	-409	-260
Net cash used in financing activities	-16,122	-15,071	-10,789
Effect of exchange rates on cash and cash equivalents	-1,022	-514	-442
Net increase (decrease) in cash and cash equivalents	-430	1,854	-500
Cash and cash equivalents at beginning of year	9,135	7,281	7,781
Cash and cash equivalents at end of period	$ 8705	$ 9135	$ 7281
Supplemental disclosure of cash flow information:
Income taxes paid	8,111	8,169	8,641
Interest paid	2,540	2,433	2,362