In preparing the 2021 proformas, make the following additional assumptions:
1. Sales in 2021 will grow by 3%.
2. Total Selling, General and Administrative Expenses are expected to grow by 5% in 2021.
3. Assume that the companys net interest expense for fiscal year 2021 will remain at current (2020) levels.
4. Assume all unusual items (other non-operating income, other unusual items, minority earnings) will remain at 2020 levels.
5. Assume the tax rate for 2021 will be the same rate as in 2020.
6. All other expenses are expected to vary directly with sales.
7. The companys assets operated at full capacity in 2020. However, to accommodate new initiatives, Gross Property, Plant equipment is expected to grow by 8% in 2021 while Depreciation & Amortization will grow at 3%.
8. Walmart has set the dividend for 2021 at 25% of net income.

+ Walmart Inc. (NYSE:WMT) Income Statement For the Fiscal Period Ending Currency (in Millions) Total Revenue Cost of Goods Sold Gross Profit Selling General & Admin Exp. Depreciation & Amort. Operating Income (EBIT) Net Interest Exp. Other Non-Operating Inc. (Exp.) EBT Excl. Unusual Items Other Unusual Items EBT Incl. Unusual Items Income Tax Expense Net Income to Company (continuing Operations) Minority Int. in Earnings Net Income available to Common Incl Extra Items Total Dividends (2021 ONLY) Addition to Retained Earnings (2021 ONLY) 2021 12 months 12 months Proforma Jan-31- Jan-31- Proforma INCOME 2019 2020 Assumption STATEMENT USD USD USD 514,405 523,964 385,301 394,605 129,104 129,359 102,851 106,146 4,136 2,645 22,117 20,568 (2,129) (2,410) (2) 87 19,986 18,245 (8.526) 1,871 11,460 20,116 4,281 4,915 7,179 15,201 (509) (320) 6,670 14,881 + Walmart Inc. (NYSE:WMT) Income Statement For the Fiscal Period Ending Currency (in Millions) Total Revenue Cost of Goods Sold Gross Profit Selling General & Admin Exp. Depreciation & Amort. Operating Income (EBIT) Net Interest Exp. Other Non-Operating Inc. (Exp.) EBT Excl. Unusual Items Other Unusual Items EBT Incl. Unusual Items Income Tax Expense Net Income to Company (continuing Operations) Minority Int. in Earnings Net Income available to Common Incl Extra Items Total Dividends (2021 ONLY) Addition to Retained Earnings (2021 ONLY) 2021 12 months 12 months Proforma Jan-31- Jan-31- Proforma INCOME 2019 2020 Assumption STATEMENT USD USD USD 514,405 523,964 385,301 394,605 129,104 129,359 102,851 106,146 4,136 2,645 22,117 20,568 (2,129) (2,410) (2) 87 19,986 18,245 (8.526) 1,871 11,460 20,116 4,281 4,915 7,179 15,201 (509) (320) 6,670 14,881