Project the Balance Sheet for Wal Mart for the next 5 years through year 2022. Provide reasoning for your forecasts and explanation. Growth rate for 2018 is 10%, 2019 is 11%, 2020 is 5.5%, 2021 is 5% and 2022 is 4%.

	Actuals
Year	2015	2016	2017
Balance Sheet
Assets:
Cash and cash equivalents	9,135	8,705	6,867
- common size	4.5%	4.4%	3.5%
- rate of change		-4.7%	-21.1%
Accounts and notes
receivable - net	6,778	5,624	5,835
- common size	3.3%	2.8%	2.9%
- rate of change		-17.0%	3.8%
Inventories	45,141	44,469	43,046
- common size	22.2%	22.3%	21.7%
- rate of change		-1.5%	-3.2%
Prepaid expenses and other
current assets	2,224	1,441	1,941
- common size	1.1%	0.7%	1.0%
- rate of change		-35.2%	34.7%
Current assets	63,278	60,239	57,689
- common size	31.1%	30.2%	29.0%
- rate of change		-4.8%	-4.2%
Property and Equipment	177,395	176,958	179,492
- common size	87.2%	88.7%	90.3%
- rate of change		-0.2%	1.4%
Accumulated depreciation	-63,115	-66,787	-71,782
- common size	-31.0%	-33.5%	-36.1%
- rate of change		5.8%	7.5%
Property under capital and leasing
financing obligations, net	2,375	6,345	6,468
- common size	1.2%	3.2%	3.3%
- rate of change		167.2%	1.9%
Goodwill	18,102	16,695	17,037
- common size	8.9%	8.4%	8.6%
- rate of change		-7.8%	2.0%
Other assets	5,455	6,131	9,921
- common size	2.7%	3.1%	5.0%
- rate of change		12.4%	61.8%
Total Assets	203,490	199,581	198,825
- common size	100.0%	100.0%	100.0%
- rate of change		-1.9%	-0.4%
Liabilities
Short-term borrowings	1,592	2,708	1,099
- common size	0.8%	1.4%	0.6%
- rate of change		70.1%	-59.4%
Accounts Payable	38,410	38,487	41,433
- common size	18.9%	19.3%	20.8%
- rate of change		0.2%	7.7%
Accrued liabilities	19,152	19,607	20,654
- common size	9.4%	9.8%	10.4%
- rate of change		2.4%	5.3%
Accrued Income Taxes	1,021	521	921
- common size	0.5%	0.3%	0.5%
- rate of change		-49.0%	76.8%
Long-term debt - due within
one year	4,791	2,745	2,256
- common size	2.4%	1.4%	1.1%
- rate of change		-42.7%	-17.8%
Capital lease and financial
obligations due within one year	287	551	565
- common size	0.1%	0.3%	0.3%
- rate of change		92.0%	2.5%
Current liabilities	65,253	64,619	66,928
- common size	32.1%	32.4%	33.7%
- rate of change		-1.0%	3.6%
Long-term debt	40,889	38,214	36,015
- common size	20.1%	19.1%	18.1%
- rate of change		-6.5%	-5.8%
Long-term capital lease and
financing obligations	2,606	5,816	6,003
- common size	1.3%	2.9%	3.0%
- rate of change		123.2%	3.2%
Deferred income taxes and other	8,805	7,321	9,344
- common size	4.3%	3.7%	4.7%
- rate of change		-16.9%	27.6%
Total liabilites	117,553	115,970	118,290
- common size	57.8%	58.1%	59.5%
- rate of change		-1.3%	2.0%
Shareholder's Equity
Common stock	323	317	305
- common size	0.2%	0.2%	0.2%
- rate of change		-1.9%	-3.8%
Capital in excess of par value	2,462	1,805	2,371
- common size	1.2%	0.9%	1.2%
- rate of change		-26.7%	31.4%
Retained Earnings	85,777	90,021	89,354
- common size	42.2%	45.1%	44.9%
- rate of change		4.9%	-0.7%
Accum. other comprehensive
income (loss)	-7,168	-11,597	-14,232
- common size	-3.5%	-5.8%	-7.2%
- rate of change		61.8%	22.7%
Total Common and Preferred
Shareholders' Equity	81,394	80,546	77,798
- common size	40.0%	40.4%	39.1%
- rate of change		-1.0%	-3.4%
Noncontrolling interests	4,543	3,065	2,737
- common size	2.2%	1.5%	1.4%
- rate of change		-32.5%	-10.7%
Total Equity	85,937	83,611	80,535
- common size	42.2%	41.9%	40.5%
- rate of change		-2.7%	-3.7%
Total liabilites and equities	203,490	199,581	198,825
- common size	100.0%	100.0%	100.0%
- rate of change		-1.9%	-0.4%