Please show work in excel

$ 65,253 43,495 8,805 $ 64,619 44,030 7,321 Current Liabilities Long-term debt obligations Deferred tax liabilitiesnoncurrent Redeemable noncontrolling interest Total Liabilities Common stock + Additional paid-in capital Retained earnings Accum. other comprehensive income (loss) Total Common Shareholders' Equity Noncontrolling interests Total Equity Total Liabilities and Equities $ 69,345 44,559 8,017 1,491 $123,412 2,685 76,566 (2,996) $ 76,255 5,084 $ 81,339 $204,751 $117,553 2,785 85,777 (7,168) $ 81,394 4,543 $ 85,937 $203,490 $115,970 2,122 90,021 (11,597) $ 80,546 3,065 $ 83,611 $199,581 Source: Wal-Mart Stores, Inc. Forms 10-K for the three fiscal years ended January 31, 2014, 2015, and 2016. Industry and Strategy Analysis a. Apply Porter's five forces framework to the retail industry. b. How would you characterize the strategy of Walmart? How does Walmart create value for its customers? What critical risk and success factors must Walmart manage? Exhibit 1.21 Wal-Mart Stores, Inc. Statements of Cash Flows for the Three Fiscal Years Ended January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) 2014 2015 2016 $ 17,099 9,173 (503) (569) Net Income Add back depreciation and amortization expenses Deferred income taxes (Increase) Decrease in accounts receivable (Increase) Decrease in inventories Increase (Decrease) in accounts payable Increase (Decrease) in income taxes payable Increase (Decrease) in other current liabilities (Income) Loss from discontinued segments Other operating cash flows Net Cash Flow from Operating Activities $ 16,695 8,870 (279) (566) (1,667) 531 (1,224) 103 (144) $ 15,080 9,454 (672) (19) (703) 2,008 (472) 1,303 (1,229) 2,678 166 1,249 (285) 785 $ 28,564 938 1,410 $ 27,389 $ 23,257 (Continued) f. How does accumulated depreciation on the balance sheet differ from depreciation expense on the income statement? g. What is Walmart's largest current liability in dollar amount? What does it represent? h. What is Walmart's largest liability in dollar amount? In what types of assets did Walmart likely invest this financing? i. What does Walmart report in accumulated other comprehensive income (loss)? What does this amount represent? When, if ever, will these gains and losses appear in net income? Income Statement j. What type of transaction gives rise to the primary source of Walmart's revenues? At the end of each fiscal year, what does Walmart have to estimate to measure total (net) reve- nues for the fiscal year? k. What types of expenses does Walmart likely include in (1) cost of goods sold and (2) sell- ing, general, and administrative expenses? 1. Walmart reports interest expense that is much larger than interest income. Why? Statement of Cash Flows m. Why does net income differ from the amount of cash flow from operating activities? n. Why does Walmart add the amount of depreciation and amortization expense to net income when computing cash flow from operating activities? o. Why does Walmart show increases in inventory as subtractions when computing cash flow from operations? p. Why does Walmart show increases in accounts payable as additions when computing cash flow from operations? q. What was the single largest use of cash by Walmart during this three-year period? How does that use of cash reflect Walmart's business strategy? r. What was Walmart's single largest use of cash for financing activities during this three- year period? What does that imply about Walmart's financial position and performance? Relations between Financial Statements s. Prepare an analysis that explains the change in retained earnings from $85,777 million at the end of fiscal 2014 to $90,021 million at the end of fiscal 2015. Do not be alarmed if your rec- onciliation is close to, but does not exactly equal, the $90,021 million ending balance. Interpreting Financial Statement Relations Exhibit 1.22 presents common-size and percentage change balance sheets and Exhibit 1.23 presents common-size and percentage change income statements for Walmart for fiscal years ended January 31, 2014, 2015, and 2106. The percentage change statements report the annual percentage change in each account from fiscal 2013 to 2014, and from fiscal 2014 to 2015. t. The percentage changes in prepaid expenses and other current assets jumped up 16.5% in fiscal 2014 and then fell by 35.2% in fiscal 2015. Did the changes in the dollar amounts of this account have a huge impact on total assets (see Exhibit 1.22)? Explain. u. During this three-year period, how did the proportion of total liabilities change relative to the proportion of shareholders' equity? What does this imply about changes in Wal- mart's leverage? v. How did net income as a percentage of total revenues change from fiscal 2013 to fiscal 2015? Identify the most important reasons for this change. w. Does Walmart generate high or low profit margins? How do Walmart's profit margins relate to the company's strategy? $ 65,253 43,495 8,805 $ 64,619 44,030 7,321 Current Liabilities Long-term debt obligations Deferred tax liabilitiesnoncurrent Redeemable noncontrolling interest Total Liabilities Common stock + Additional paid-in capital Retained earnings Accum. other comprehensive income (loss) Total Common Shareholders' Equity Noncontrolling interests Total Equity Total Liabilities and Equities $ 69,345 44,559 8,017 1,491 $123,412 2,685 76,566 (2,996) $ 76,255 5,084 $ 81,339 $204,751 $117,553 2,785 85,777 (7,168) $ 81,394 4,543 $ 85,937 $203,490 $115,970 2,122 90,021 (11,597) $ 80,546 3,065 $ 83,611 $199,581 Source: Wal-Mart Stores, Inc. Forms 10-K for the three fiscal years ended January 31, 2014, 2015, and 2016. Industry and Strategy Analysis a. Apply Porter's five forces framework to the retail industry. b. How would you characterize the strategy of Walmart? How does Walmart create value for its customers? What critical risk and success factors must Walmart manage? Exhibit 1.21 Wal-Mart Stores, Inc. Statements of Cash Flows for the Three Fiscal Years Ended January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) 2014 2015 2016 $ 17,099 9,173 (503) (569) Net Income Add back depreciation and amortization expenses Deferred income taxes (Increase) Decrease in accounts receivable (Increase) Decrease in inventories Increase (Decrease) in accounts payable Increase (Decrease) in income taxes payable Increase (Decrease) in other current liabilities (Income) Loss from discontinued segments Other operating cash flows Net Cash Flow from Operating Activities $ 16,695 8,870 (279) (566) (1,667) 531 (1,224) 103 (144) $ 15,080 9,454 (672) (19) (703) 2,008 (472) 1,303 (1,229) 2,678 166 1,249 (285) 785 $ 28,564 938 1,410 $ 27,389 $ 23,257 (Continued) f. How does accumulated depreciation on the balance sheet differ from depreciation expense on the income statement? g. What is Walmart's largest current liability in dollar amount? What does it represent? h. What is Walmart's largest liability in dollar amount? In what types of assets did Walmart likely invest this financing? i. What does Walmart report in accumulated other comprehensive income (loss)? What does this amount represent? When, if ever, will these gains and losses appear in net income? Income Statement j. What type of transaction gives rise to the primary source of Walmart's revenues? At the end of each fiscal year, what does Walmart have to estimate to measure total (net) reve- nues for the fiscal year? k. What types of expenses does Walmart likely include in (1) cost of goods sold and (2) sell- ing, general, and administrative expenses? 1. Walmart reports interest expense that is much larger than interest income. Why? Statement of Cash Flows m. Why does net income differ from the amount of cash flow from operating activities? n. Why does Walmart add the amount of depreciation and amortization expense to net income when computing cash flow from operating activities? o. Why does Walmart show increases in inventory as subtractions when computing cash flow from operations? p. Why does Walmart show increases in accounts payable as additions when computing cash flow from operations? q. What was the single largest use of cash by Walmart during this three-year period? How does that use of cash reflect Walmart's business strategy? r. What was Walmart's single largest use of cash for financing activities during this three- year period? What does that imply about Walmart's financial position and performance? Relations between Financial Statements s. Prepare an analysis that explains the change in retained earnings from $85,777 million at the end of fiscal 2014 to $90,021 million at the end of fiscal 2015. Do not be alarmed if your rec- onciliation is close to, but does not exactly equal, the $90,021 million ending balance. Interpreting Financial Statement Relations Exhibit 1.22 presents common-size and percentage change balance sheets and Exhibit 1.23 presents common-size and percentage change income statements for Walmart for fiscal years ended January 31, 2014, 2015, and 2106. The percentage change statements report the annual percentage change in each account from fiscal 2013 to 2014, and from fiscal 2014 to 2015. t. The percentage changes in prepaid expenses and other current assets jumped up 16.5% in fiscal 2014 and then fell by 35.2% in fiscal 2015. Did the changes in the dollar amounts of this account have a huge impact on total assets (see Exhibit 1.22)? Explain. u. During this three-year period, how did the proportion of total liabilities change relative to the proportion of shareholders' equity? What does this imply about changes in Wal- mart's leverage? v. How did net income as a percentage of total revenues change from fiscal 2013 to fiscal 2015? Identify the most important reasons for this change. w. Does Walmart generate high or low profit margins? How do Walmart's profit margins relate to the company's strategy