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157 The Balance Sheet and Financial Disclosures CHAPTER 3 Real World Case 3-7 Balance sheet and significant accounting policies The balance sheet and disclosure of significant accounting policies taken from the 2016 annual report of Wal- Mart Stores, Inc., appear below, Use this information to answer the following questions 1. What are the asset classifications contained in Walmart's balance sheet? 2. What amounts did Walmart report for the following items for 2016 a. Total assets b. c. Current liabilities d. Total cquity c. Retained earnings f Inventories Walmart e LO3-2 through LO3-4, LO3-8 Real World Financials 3, What is Walmart's largest current asset? What is its largest current liability? 4. Compute Walmart's current ratio for 2016 s. Identify the following items a. The company's inventory valuation ethod b. The definition of cash equivalents WAL-MART STORES, INC Consolidated Balance Sheets 5 in milions except per share datal As of January 31, Current a $ 8,705 5.624 44.469 1.441 60,239 $ 9,135 6,778 45,141 2,224 63,278 Cash and cash equivalents Receivables, net Prepaid expenses and other Total current assets Property and equipm Property and equipment Less accumulated depreciation 177,395 (63,115) 114,280 176,958 Property and equipment, net Property under capital leases Property under capital lease and financing obligations 11,096 (4,751) 16,695 $199,581 Less accumulated amortization (2,864) Property under capital leases and financing obligations, net Goodwi Other assets and deferred charges Total assets Liabilities, Redeemable Noncontrolling Interest and Equity 18,102 5,455 $203,490 Current liabilities: Short-term borrowings $ 2,708 38,487 19,607 $ 1,592 38.410 19,152 Accrued income taxes Long-term debt due within one year 2,745 4,791 Capital lease and financing obligations due within one year Total current liabilities 64,619 38,214 65,253 40,889 Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity: 7,321 Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Total Walmart shareholders' equity Nonredeemable noncontrolling interest 2,462 85,777 90,021 80,546 4,543 85,937 $203,490 Total equity Total liabilities, redeemable noncontrolling interest and $199,581