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The financial statements ofAmazon.com, Inc.are presented in 12.3 AMAZON.

Financial statements ofWal-Mart Stores, Inc. are presented in 12.3 WALMART.

References D Specimen Financial Statements: Amazon.com, Inc. Amazon com, Inc. is the world's largest online retailer. It also produces consumer electronics-notably the Kindle e-book reader and the Kindle Fire Tablet computer and is a major provider of cloud computing services. The following are Amazon's financial statements as presented in the company's 2014 annual report. To access theshop Amazon's complete annual report, including notes to the financial statements, follow 1. Go to www.amazon.com. 2. Select the Investor Relations link at the bottom of the page and then select the 2014 Annual Report under Annual Reports and Proxies. 3. The Notes to Consolidated Financial Statements begin AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income (loss) Adjustments to reconcile net income (loss) to net cash from operating activities: other amortization and equipment, including internal-use software and website development, and Stock-based compensation Other operating expense (income), net Losses (gains) on sales of marketable securities, net want expense (income), net Deferred income taxes Excess tax benefits from stock-based compensation changes in operating assets and liabilities: Accounts receivable, net and other Parable Accrued expenses and other Additions to unearned revenue Amortization of previously unearned revenue Net cash provided by (used in) operating activ NVESTING ACTIVITIES: hases of property and equipment, including internal-use software and website development quisitions, net of cash acquired, and other iles and maturities of marketable securities and other im cetable securities and other investments and Provided by (used in) investing activities FINANCING ACTIVITIES: cess tax benefits from stock-based compensation tion stock repurchased ceeus from long-term debt and other 8 ichin debt ipal repayments of capital lease obligations pal repayments of finance lease obligations Net cash money Net cash provided by (used in) financing activi gin-currency effect on cash and cash equivalents e (decrease) in cash and cash equivalents CASH AND CASH EQUIVALENTS, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for income taxes (net of refunds) Property and equipment acquired under capital leases Property and equipment acqu acquired under build-to-suit leases See accompanying notes to consolidated financial stat AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Net product sales Net service sales Total net sales 18.908 Operating expenses (1): Fulfillment many s and content General and administrative differ operating expense (income), net Total operating e me farm B expenses terest expense er income (expense), net B income (expense) ome (loss) before income taxes vision for income taxes Net income (loss) vestment activity, net of tax Basic camings per share Diluted earnings per share Weighted average shares used in computation of camings per share: Diluted 462 (1) Includes stock-based Fulfillment Marketing 375 804 AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Net income (loss) Other comprehensive income (loss): (241) rolein currency translation adjustments, net of tax of $(3), S(20), and $(30) Unrealized gains (losses), net of tax of SI, $3, and 5(3) net."net oftax of so) you, and (gains) included in "Other income (expense) net, net of fax of s(1), $(1 ), and $3 Net unrealized gains (losses) on available-for-sale securities Total other comprehensive income (loss) Comprehensive income (loss) AMAZON.COM, INC. CONSOLIDATED BALANCE SHEETS (in millions, except per share data) ASSETS Current assets: Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets and equipment, net Other assets Total assets Current liabilities: LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses and other Unearned revenue Long-term debt Other long-term liabilities commmuncats and contingencies (Note 8) Stockholders' equity: Preferred stock, $0.01 par valu Authonzed shares - 500 Issued and outstanding shares - non on stock, $0.01 par value: Authorized shares -5,000 ares - 488 and 483 Outstanding shares -465 and 459 ury stock, at cost Additional paid-in capital accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity See accompanying notes to consolidated financial AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF STOCKHOLD (in millions) Balance as of January 1, 2012 Starts 455 5 Treasury 5 5 (877) $ Other comprehensive income kercise of common stock ondid epurchase of common stock 4 (5) (960) cess tax benefits from stock-based poised compensation and issuance of ance of common stock for acquisition activity ce as of December 31, 2012 454 5 (1,837) comprehensive income tercise of common stock optio you suck opaons 5 purchase of common stock cess tax benefits from stock-based Stock-based compensation and issuance of mployee benefit plan stock joyce benefit plan stock lance as of December 31, 2013 459 5 ther comprehensive loss Exercise of common stock options cess lax benefits from stock-based stock-based compensation and issuance of loyee benefit plan stock Issuance of common stock for acquisition activity Balance as of December 31, 2014 See accompanying notes to consolidated financialBased on the information in these financial Statements , compute the 201 4 return on common stockholders Equity , debt to assets ratio , and return on assets for each company . ( Enter negative amounts using Either & negative Sign preceding the number &.J. - 45 or parentheses &.J. ( 45). Round answers to 1 decimal FACE , E .J . 15. 29/0 .) Amazon . Com Wal - Mart Stores Return on common Stockholders" Equity* Debt to assets Return on ASSETS Compute the payout ratio for each company . ('Round answers to I decimal place , E .4. 15. 290 .) Amazon . com Wal - Mart Stores Payout ratio Which pays out a higher percentage of its Earnings? `\\Day's out a higher percentage of its Earnings.References E Specimen Financial Statements: Wal-Mart Stores, Inc. The following are Wal-Mart Store company's 2015 annual report. To access Wal-Mart's complete annual report, including ial statements, follow these steps: notes to the financial statement ftp:/corporate.walmart.com. 4. Select Financial Information and then Annual Reports & 3. Select the 2015 Annual Report (Wal-Mart's fiscal year ends January 31). . The Notes to Consolidated Financial Statements. Wal-Mart Stores, Inc. Consolidated Statements of Income evmues tu mullions , except per share data Membership and other income Cost of arts Operating well- native expenses Inewest income Interest, net Income from continuing operations before income taxes Provision for income taxes come from continuing operations Tecume frum discuntinued operations, net of incume taxes Consolidated net income consolidated net income a tucum attributable to noncontroll Consolidated net income attributable to Walmart momentum per common shares Basic income per common share from cortinsing operations serituable to Walmart Dunne income per common share from discontinued operations attributable to Walmart Basie net income per common share attributable to Walmart diluted net income per cummin share: Diluted income per common share from continuing operations attributable to Walmart common share from discontinued operations attributable to Walmart diluted net income per common share attributable to Walmart weamal-averages Diluted Dividends declared per common share See accompanying never. Wal-Mart Stores, Inc. Consolidated Statements of Comprehensive Inco Consolidated net income Less consolidated net income attributible to Miss combinlated fer income attributable to nonredeemable soncontrolling interes Less consolidated net income attributable to redeemable noncontrolling interest Comemulidated net income attributable in whatimpact Other comprehensive income (loss), net of income taxes currency translation and other Minimumn pension liability oreprehensive income (loss), net of income taxes Less oiler comprehensive income ( leash attributable to redeemable pencontrolling er comprehensive income (loss) attributable to Walmart comprehensive income, net of income taxes Less comprehensive income (loss) attributable to nonredeemable noncontrolling interest Less comprehensive income (lona) attributable to redeemable noncontrolling interest Comprehensive income attribut See accompanying notes. Wal-Mart Stores, Inc. Consolidated Balance Sheets ASSETS Cash and cash equivalent Inventories suffer assets Property and equipment: movemy and equipment Less accumulated depreciat Property and equipment. net under capital laure Property under capital leases. ne Other assets and deferred charges Total assets LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY Accounts payable Accrued liabilities Accrued income taxes ignitions under capital leases due within one year Current liabilities of discontinued operations Long-Jenn debe Long-term obligations under capital leases Deferred income target Redeemable soncontrolling interest mitments and conting Common stock Capital in excess of par value Retained earnings and inclusive income cle Total Walmart shareholders' equity Nonredeemable noncorerolling interest Total liabilities, redeemable m See accompanyling mates. Consolidated State Wal-Mart Stores, Inc. of Shareholders' Equity and Redeemable Common Stock Capital in Lecumulated Retained Comprehensive Share Balances as of February 1. Shares Amount Par Value Earning Income (Loss) 3.418 5 342 5 3,602 5 68,691 Consolidated net income net of incurse bitgive income. 813 Cash dividends declared (51.59 (3,361) Punchuse of Company stock (7.341) interest of acquired entity Balances an of January 31. 3.314 332 3,620 72.978 Consolidated net income of income Proteinsive Cash dividends declared (51.88 (6,139) whatcar Company stock (87) 16.254 of redeemable noncontrolling (1.019) Balances as of January 31. 3.233 323 Consolidated net income 323 2.362 76.566 16,363 (2,996) other comprehensive income. (4.172) Cash dividends declared ($1.92 (6,185) Purchase of Company stock noncontrolling interest Other signces as of January 31. 1 129 (17) 3.228 5 323 5 2.462 5 85.777 5 See accompanying sites. Wal-Mart Stores, Inc. Consolidated Statements of Cash Flow Cash names from anold Cash flows from operating activities: final operations, net of income taxes Depreciation and amortization continuing operations to net cash provided by operating activities: Other operating activities Changes in certain assets and liabili Receivables, ees ilities, net of effects of acquisitions: Inventories Accounts payable Net cash provided by operating activities Cash flows from investing activities: Payments for property and equine payments bur property and equipment Proceeds from the disposal of property and equipment Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short term borrowings Proceeds from issirince of long-term debut usments of long-term debt result party stock noeconorolling interest Other financing activities Net cash used in financing activities erlet of exchange rates on cash and cast equivalents get increase (decrease useful can and cash cqutv allen Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid See accompanying notes