Prepare ratio analyses (for 2019, 2018, and 2017) for both companies. You should include the following ratios in your computations:

Solvency

o Debt-to-equity

o Times interest earned

o Return on Financial leverage

Walmart Balance Sheet

Walmart Income Statement

2016 Thousands NOTE: 2016 BALANCE SHEET INFORMATION SHOULD BE USED ONLY FOR RATIOS As Reported Annual Balance Sheet Report Date 2019 2018 2017 Scale Thousands Thousands Thousands Assets Cash & cash equivalents 9,465,000 7,722,000 6,756,000 Receivables, net 6,284,000 6,283,000 5,614,000 Inventories 44,435,000 44,269,000 43,783,000 Prepaid expenses & other current assets 1,622,000 3,623,000 3,511,000 Total current assets 61,806,000 61,897,000 59,664,000 Property & equipment, net 105,208,000 104,317,000 107,675,000 Operating lease right-of-use assets 17,424,000 0 0 Finance lease right-of-use assets, net 4,417,000 0 0 Property under capital lease & financing obligations, 0 7,078,000 7,143,000 Goodwill 31,073,000 31,181,000 18,242,000 Other long-term assets 16,567,000 14,822,000 11,798,000 Total assets 236,495,000 219,295,000 204,522,000 6,867,000 5,835,000 43,046,000 1,941,000 57,689,000 107,710,000 0 0 6,468,000 17,037,000 9,921,000 198,825,000 Liabilities & Equity Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Capital lease & financing obligations due within one y Total current liabilities Long-term debt Long-term operating lease obligations Long-term finance lease obligations Long-term capital lease & financing obligations Deferred income taxes & other liabilities Total Liabilities 575,000 46,973,000 22,296,000 280,000 5,362,000 1,793,000 511,000 0 77,790,000 43,714,000 16,171,000 4,307,000 0 12,961,000 154,943,000 5,225,000 47,060,000 22,159,000 428,000 1,876,000 0 0 729,000 77,477,000 43,520,000 0 0 6,683,000 11,981,000 139,661,000 5,257,000 46,092,000 22,122,000 645,000 3,738,000 0 0 667,000 78,521,000 30,045,000 0 0 6,780,000 8,354,000 123,700,000 1,099,000 41,433,000 20,654,000 921,000 2,256,000 0 0 565,000 66,928,000 36,015,000 0 0 6,003,000 9,344,000 118,290,000 Common stock Capital in excess of par value Retained earnings (accumulated deficit) Accumulated other comprehensive income (loss) Noncontrolling interest Total equity 284,000 3,247,000 83,943,000 (12,805,000) 6,883,000 81,552,000 288,000 2,965,000 80,785,000 (11,542,000) 7,138,000 79,634,000 295,000 2,648,000 85,107,000 (10,181,000) 2.953,000 80,822,000 305,000 2,371,000 89,354,000 (14,232,000) 2,737,000 80,535,000 Additional Information Net cash flows from operating activities 25,255,000 27,753,000 28,337,000 31,530,000 Land Buildings & improvements Fixtures & equipment Transportation equipment Construction in progress Property & equipment, gross Less: accumulated depreciation Property & equipment, net 24,619,000 105,674,000 58,607,000 2,377,000 3,751,000 195,028,000 89,820,000 105,208,000 24,526,000 101,006,000 54,488,000 2,316,000 3,474,000 185,810,000 81,493,000 104,317,000 25,298,000 101,155,000 52,695,000 2,387,000 3,619,000 185,154,000 77,479,000 107,675,000 24,801,000 98,547,000 48,998,000 2,845,000 4,301,000 179,492,000 71,782,000 107,710,000 Total revenues Cost of sales Gross Profit Operating, selling, general & administrative expenses Operating income (loss) Interest expense on debt Interest expense on finance, capital lease & financing obligations Interest income Gain (loss) on extinguishment of debt Other gains & (losses) Income (loss) before income taxes Provision (benefit) for income taxes Income (loss) after income taxes Less consolidated net income attributable to noncontrolling interes Net Income 523,964,000 394,605,000 129,359,000 108,791,000 20,568,000 2,262,000 337,000 189,000 0 1,958,000 20,116,000 4,915,000 15,201,000 (320,000) 14,881,000 514,405,000 385,301,000 129,104,000 107,147,000 21,957,000 1,975,000 371,000 217,000 0 (8,368,000) 11,460,000 4,281,000 7,179,000 (509,000) 6,670,000 500,343,000 373,396,000 126,947,000 106,510,000 20,437,000 1,978,000 352,000 152,000 (3,136,000) 0 15,123,000 4,600,000 10,523,000 (661,000) 9,862,000 Additional Information Weighted average shares outstanding - basic Weighted average shares outstanding - diluted Year end shares outstanding 2,850,000 2,868,000 2,832,000 2,929,000 2,945,000 2,878,000 2,995,000 3,010,000 2,952,000 2016 Thousands NOTE: 2016 BALANCE SHEET INFORMATION SHOULD BE USED ONLY FOR RATIOS As Reported Annual Balance Sheet Report Date 2019 2018 2017 Scale Thousands Thousands Thousands Assets Cash & cash equivalents 9,465,000 7,722,000 6,756,000 Receivables, net 6,284,000 6,283,000 5,614,000 Inventories 44,435,000 44,269,000 43,783,000 Prepaid expenses & other current assets 1,622,000 3,623,000 3,511,000 Total current assets 61,806,000 61,897,000 59,664,000 Property & equipment, net 105,208,000 104,317,000 107,675,000 Operating lease right-of-use assets 17,424,000 0 0 Finance lease right-of-use assets, net 4,417,000 0 0 Property under capital lease & financing obligations, 0 7,078,000 7,143,000 Goodwill 31,073,000 31,181,000 18,242,000 Other long-term assets 16,567,000 14,822,000 11,798,000 Total assets 236,495,000 219,295,000 204,522,000 6,867,000 5,835,000 43,046,000 1,941,000 57,689,000 107,710,000 0 0 6,468,000 17,037,000 9,921,000 198,825,000 Liabilities & Equity Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Operating lease obligations due within one year Finance lease obligations due within one year Capital lease & financing obligations due within one y Total current liabilities Long-term debt Long-term operating lease obligations Long-term finance lease obligations Long-term capital lease & financing obligations Deferred income taxes & other liabilities Total Liabilities 575,000 46,973,000 22,296,000 280,000 5,362,000 1,793,000 511,000 0 77,790,000 43,714,000 16,171,000 4,307,000 0 12,961,000 154,943,000 5,225,000 47,060,000 22,159,000 428,000 1,876,000 0 0 729,000 77,477,000 43,520,000 0 0 6,683,000 11,981,000 139,661,000 5,257,000 46,092,000 22,122,000 645,000 3,738,000 0 0 667,000 78,521,000 30,045,000 0 0 6,780,000 8,354,000 123,700,000 1,099,000 41,433,000 20,654,000 921,000 2,256,000 0 0 565,000 66,928,000 36,015,000 0 0 6,003,000 9,344,000 118,290,000 Common stock Capital in excess of par value Retained earnings (accumulated deficit) Accumulated other comprehensive income (loss) Noncontrolling interest Total equity 284,000 3,247,000 83,943,000 (12,805,000) 6,883,000 81,552,000 288,000 2,965,000 80,785,000 (11,542,000) 7,138,000 79,634,000 295,000 2,648,000 85,107,000 (10,181,000) 2.953,000 80,822,000 305,000 2,371,000 89,354,000 (14,232,000) 2,737,000 80,535,000 Additional Information Net cash flows from operating activities 25,255,000 27,753,000 28,337,000 31,530,000 Land Buildings & improvements Fixtures & equipment Transportation equipment Construction in progress Property & equipment, gross Less: accumulated depreciation Property & equipment, net 24,619,000 105,674,000 58,607,000 2,377,000 3,751,000 195,028,000 89,820,000 105,208,000 24,526,000 101,006,000 54,488,000 2,316,000 3,474,000 185,810,000 81,493,000 104,317,000 25,298,000 101,155,000 52,695,000 2,387,000 3,619,000 185,154,000 77,479,000 107,675,000 24,801,000 98,547,000 48,998,000 2,845,000 4,301,000 179,492,000 71,782,000 107,710,000 Total revenues Cost of sales Gross Profit Operating, selling, general & administrative expenses Operating income (loss) Interest expense on debt Interest expense on finance, capital lease & financing obligations Interest income Gain (loss) on extinguishment of debt Other gains & (losses) Income (loss) before income taxes Provision (benefit) for income taxes Income (loss) after income taxes Less consolidated net income attributable to noncontrolling interes Net Income 523,964,000 394,605,000 129,359,000 108,791,000 20,568,000 2,262,000 337,000 189,000 0 1,958,000 20,116,000 4,915,000 15,201,000 (320,000) 14,881,000 514,405,000 385,301,000 129,104,000 107,147,000 21,957,000 1,975,000 371,000 217,000 0 (8,368,000) 11,460,000 4,281,000 7,179,000 (509,000) 6,670,000 500,343,000 373,396,000 126,947,000 106,510,000 20,437,000 1,978,000 352,000 152,000 (3,136,000) 0 15,123,000 4,600,000 10,523,000 (661,000) 9,862,000 Additional Information Weighted average shares outstanding - basic Weighted average shares outstanding - diluted Year end shares outstanding 2,850,000 2,868,000 2,832,000 2,929,000 2,945,000 2,878,000 2,995,000 3,010,000 2,952,000