Walmart Inc. has provided its comparative financial statements for the years ended January 31, 2024, 2023, and 2022.

Walmart Inc. Comparative Income Statements	2024	2023	2022
Sales	$600,000,000	$550,000,000	$500,000,000
Cost of goods sold	$400,000,000	$360,000,000	$320,000,000
Gross profit	$200,000,000	$190,000,000	$180,000,000
Operating expenses	$100,000,000	$95,000,000	$90,000,000
Income from operations	$100,000,000	$95,000,000	$90,000,000
Interest expense	$10,000,000	$9,500,000	$9,000,000
Income before taxes	$90,000,000	$85,500,000	$81,000,000
Income tax expense	$27,000,000	$25,650,000	$24,300,000
Net income	$63,000,000	$59,850,000	$56,700,000

Walmart Inc. Comparative Balance Sheets	2024	2023	2022
Assets
Current assets	$120,000,000	$110,000,000	$100,000,000
Long-term investments	$80,000,000	$75,000,000	$70,000,000
Property and equipment, net	$200,000,000	$180,000,000	$160,000,000
Total assets	$400,000,000	$365,000,000	$330,000,000
Liabilities and Equity
Current liabilities	$70,000,000	$65,000,000	$60,000,000
Long-term debt	$150,000,000	$135,000,000	$120,000,000
Common stock	$100,000,000	$95,000,000	$90,000,000
Retained earnings	$80,000,000	$70,000,000	$60,000,000
Total liabilities and equity	$400,000,000	$365,000,000	$330,000,000

Requirements:

1. Prepare common-size income statements for 2024, 2023, and 2022.
2. Prepare common-size balance sheets for 2024, 2023, and 2022.
3. Analyze Walmart’s net profit margin over the three years.
4. Discuss the changes in Walmart’s capital structure over the three years.