1. Using the Walmart annual report posted in the supplemental materials folder and the prior annual reports available at the websites provided in the the "Supplemental Course Materials" folder, calculate Walmart's cash conversion cycle for 2014, 2013, & 2012 and address the 3-year trend (in other words, is it trending better or worse)? Note: For the Days of Inventory and Days of Payable calculations, use Cost of Goods Sold. For the Days of Receivables calculation, only use Net Sales (excl. Members & other income). Note Cash Conversion Cycle calculated as CCC= DIO+DSO-DPO
2. Do the Walmart cash conversion numbers calculated in question 4 indicate Walmart is a strong performer or a weak performer? What does the year-over-year trend indicate to you? Please, use the financial statements attached to drive the answers.

See accompanying notes. Consolidated Statements of Income Consolidated Statements of Comprehensive Income 5ec accomparing nofes. Walmart 2014 Annual Report Consolidated Statements of Cash Flows See accompanying notes. Consolidated Statements of Income Consolidated Statements of Comprehensive Income 5ec accomparing nofes. Walmart 2014 Annual Report Consolidated Statements of Cash Flows