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The following table gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 2,970 million shares outstanding with

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The following table gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 2,970 million shares outstanding with a share price of $110. The company's weighted average cost of capital was about 5%. Assume a tax rate of 35% Balance Sheet (figures in $ millions) End of Start of Year Year Assets Current assets: Cash and marketable securities $ 6,776 $6,887 Accounts receivable 5,634 5,855 Inventories 43,893 43,066 Other current assets 3,531 1,961 Total current assets $ 59, 744 $ 57,769 Fixed assets: Net fixed assets $114,838 $114,198 Other long-term assets 30,060 26,978 Total assets $284,642 $198,945 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 46,112 $ 41, 453 Other current liabilities 32,449 25,515 Total current liabilities $ 78,561 $ 66,968 Long-term debt 36,845 42,038 Other long-term liabilities 11,327 12, 101 Total liabilities $126, 733 $121, 107 Total shareholders' equity 77,909 77 838 Total liabilities and shareholders' equity $284,642 $198,945 Income Statement (Figures in s millions) Net sales $500, 363 $485, 893 Cost of goods sold 373, 416 361, 276 Selling, general, and administrative expenses 96,001 91,793 Depreciation 10,549 10,100 Earnings before interest and taxes (EBIT) $ 20,397 $ 22,724 Interest expense 2,198 2,287 Taxable income $ 18, 199 $ 20,437 Taxable income Tax Net income Dividends Addition to retained earnings $ 18, 199 4,600 $ 13,599 6,144 $ 7,455 $ 20,437 7,153 $ 13,284 6,715 $ 6,569 a. Calculate the market value added. (Do not round intermediate calculations. Enter your answer in millions rounded to nearest whole number.) b. Calculate the market-to-book ratio. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Calculate the economic value added. (Do not round intermediate calculations. Enter your answer in millions rounded to nearest whole number.) d. Calculate the return on start-of-the-year capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) million a. Market value added b. Market-to-book ratio c. Economic value added d. Return on capital million %

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