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The following table gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017 Walmart had 3,035 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 3,035 million shares outstanding with a share price of $136. The company's weighted-average cost of capital was about 5%. Assume a tax rate of 35% Walance sheet (Pigures tons) End of Year Start of Year $ 6,906 5,764 43,93 3) 661 $ 60,264 $ 7,017 5,985 43, 196 2,091 5 58,209 Assets Current assets Cash and marketable securities Accounts receivable Inventories Other current assets Total current assets Fixed assets Net fixed assets Other long-term assets Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total Habilities Total shareholders' equity Total 11 abilities and shareholders equity $114,968 30, 190 $205, 422 $114,320 27108 $199.725 5.40,242 32,579 $78,821 36,975 11,457 $122,253 78,169 $ 205,422 5.41,58 25,645 $ 67,228 42,168 12,231 $121.627 78.098 $199,725 Income Statement (figures in milions) Net sales $588, 493 Cost of goods sold 373,546 Selling, general, and administrative expenses 96,131 Depreciation 10.679 Earnings before Interest and taxes (EBIT) $ 20,137 Interest expense 2.328 Taxable Incore 5 17,809 4600 Net income $ 13,209 Dividends 8,274 Addition to retained earnings $ 6,935 $486,023 351,486 91,923 10,230 $ 22,464 2:417 $ 20,04% 7.016 $ 11,931 6,845 5 6,186 a. Calculate the market value added. (Do not round intermediare 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)

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