LO3-2 through LO3-4, L03-8 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: Real World Financials 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. Current assets c. Current liabilities d. Total equity e. Retained earnings f. Inventories 3. What is Walmart's largest current asset? What is its largest current liability? 4. Compute Walmart's current ratio for 2016 5. Identify the following items: a. The company's inventory valuation method b. The definition of cash equivalents WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2016 2015 Assets Current assets Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other $ 8,705 5,624 44.469 1,441 60,239 $ 9,135 6,778 45,141 2,224 63,278 Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital leases: 176,958 66,787) 110,171 177,395 (63,115) 114,280