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Suppose selected financial data of Target and Walmart for 2022 are as follows (in millions). Target Corporation Walmart, Inc. Income Statement Data for Year

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Suppose selected financial data of Target and Walmart for 2022 are as follows (in millions). Target Corporation Walmart, Inc. Income Statement Data for Year Net sales $67,000 $413,000 Cost of goods sold 44,000 301,000 Selling and administrative expenses 14,000 75,000 Interest expense 660 2,200 Other income (expense) (70) (410) Income tax expense 1,400 7,000 Net income $6,870 $27.390 Balance Sheet Data (End of Year) Current assets $17,000 $49,000 Noncurrent assets 26,000 123,000 Total assets $43,000 $172,000 Current liabilities $10,000 $54,000 Long-term debt 17,400 43.000 Total stockholders' equity 15,600 75,000 Total liabilities and stockholders' equity $43,000 $172,000 Beginning-of-Year Balances Total assets $43,000 $162.000 Total stockholders' equity 14,100 64,000 Current liabilities 10,800 54,000 Total liabilities 28,900 98,000 Other Data Average net accounts receivable. $7,800 $3,800 Average inventory 7,100 33,400 Net cash provided by operating activities 5,700 27.400 Capital expenditures 1.800 12,000 Dividends 450 4,400

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