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The following table gives abbreviated balance sheets and income statements for Walmart. Balance Sheet (figures in $ millions) End of Year Start of Year Assets

The following table gives abbreviated balance sheets and income statements for Walmart.

Balance Sheet (figures in $ millions)

End of Year

Start of Year

Assets

Current assets:

Cash and marketable securities

$

6,916

$

7,027

Accounts receivable

5,774

5,995

Inventories

43,943

43,206

Other current assets

3,671

2,101

Total current assets

$

60,304

$

58,329

Fixed assets:

Net fixed assets

$

114,978

$

114,338

Other long-term assets

30,200

27,118

Total assets

$

205,482

$

199,785

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$

46,252

$

41,593

Other current liabilities

32,589

25,655

Total current liabilities

$

78,841

$

67,248

Long-term debt

36,985

42,178

Other long-term liabilities

11,467

12,241

Total liabilities

$

127,293

$

121,667

Total shareholders' equity

78,189

78,118

Total liabilities and shareholders equity

$

205,482

$

199,785

Income Statement (figures in $ millions)

Net sales

$

500,503

$

486,033

Cost of goods sold

373,556

361,416

Selling, general, and administrative expenses

96,141

91,933

Depreciation

10,689

10,240

Earnings before interest and taxes (EBIT)

$

20,117

$

22,444

Interest expense

2,338

2,427

Taxable income

$

17,779

$

20,017

Tax

4,600

7,006

Net income

$

13,179

$

13,011

Dividends

6,284

6,855

Addition to retained earnings

$

6,895

$

6,156

Assume a tax rate of 35%. Calculate the following using balance-sheet figures from the start of the year and Income statement figures from the end of the year:

a. Calculate the return on assets. (Enter your answer as a percent rounded to 2 decimal places.)

b. Calculate the operating profit margin. (Enter your answer as a percent rounded to 2 decimal places.)

c. Calculate the sales-to-assets ratio. (Round your answer to 2 decimal places.)

d. Calculate the inventory turnover. (Round your answer to 2 decimal places.)

e. Calculate the debt-equity ratio. (Round your answer to 4 decimal places.)

f. Calculate the current ratio. (Round your answer to 3 decimal places.)

g. Calculate the quick ratio. (Round your answer to 4 decimal places.)

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