YOU MUST USE FORMULAS AND CELL REFERENCES ON THE RATIOS PAGE FOR THE NUMBERS TO BE CONSIDERED FOR FULL CREDIT ON THE PROJECTS. You may type in the names of the items included in the ratios but you must use cell references and formulas for all of the computations and numbers. Failure to do so will result in up to a 100% point deduction. You are encouraged to get help from the tutors in the Accounting Lab. You can also get help by email. You can email your professor and you can email the accounting lab (accountinglab@wayne.edu). If you email both please do so in the same email. Replies will be a reply all so whoever replies the other will know. You will likely get a faster response if you email both. Response time for emails sent to the accounting lab should be within 7-8 hours. Also, there will be no timely response to project emails sent after 2p on the project due dates. Don't wait until the last minute. There will be no response to accounting lab emails on Sundays. PROJECT INFORMATION You have been given financial statements for Amazon and Walmart (Income Statement, Balance Sheet, and Statement of Cash Flows). For this project, you will use the information in those statements to compute the ratios requested on the Ratios Tab. Current year information is Fiscal or Calendar year ended 2018 for both companies. SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: Determine what amounts are needed to calculate the ratios requested. For example you need Current Assets and Current Liabilities to compute the Current Ratio. Enter the names of the items needed in the boxes in column A for each of the ratios. See Ratios Tab, column A for Current Ratio. Next, use the cell reference function and any other necessary formulas to enter the numbers for each of the items for each of the companies in the boxes under the requested ratios. Again see Ratios Tab Columns C and E for the Current Ratio for Walmart and for Amazon. Next use the numbers you have entered to calculate the ratios requested. Again see the Ratios Tab Columns C and E for Current Ratio for Walmart and for Amazon. ROUND ALL RATIO AMOUNTS TO 3 DECIMAL PLACES Repeat the steps for each of the ratios listed on the Ratio Tab Assume all sales were on credit where necessary. COGS can also be called Cost of Sales Income Tax Expense can also be called the Provision for Income Taxes Remember to consider the Statement of Cash Flows when trying to determine cash spent for any particular items. Final step - So that we can see your use of formulas you must use the following steps to display your formulas for the ratios on the Ratios Formula Tab. Copy all of the Ratios information from the Ratios Tab to the Ratios formulas tab. Highlight the entire ratios information area and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed on the Ratio Formulas Tab page and the numbers displayed on the Ratios Tab. Walmart Financial Statements Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions 12 Months Ended Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 Revenues: Net sales Membership and other income $ 495,761 4,582 $ 481,317 4,556 $ 478,614 3,516 500,343 485,873 482,130 373,396 106,510 20,437 361,256 101,853 22,764 360,984 97,041 24,105 2,044 323 (100) 2,267 2,027 521 (81) 2,467 Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital lease and financing obligations Interest income Interest, net Gain (loss) on extinguishment of debt Income before income taxes Provision for income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart Weighted average common shares outstanding: Basic Diluted Dividends declared per common share 1,978 352 (152) 2,178 3,136 15,123 4,600 10,523 (661) 9,862 20,497 6,204 14,293 (650) 13,643 21,638 6,558 15,080 (386) 14,694 $3.29 $ 3.28 $4.40 $ 4.38 $4.58 $ 4.57 2,995 3,010 2.04 3,101 3,112 2.00 3,207 3,217 1.96 Jan. 31, 2018 Jan. 31, 2017 Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Receivables, net Inventories $ 6,756 5,614 43,783 $ 6,867 5,835 43,046 3,511 59,664 1,941 57,689 185,154 (77,479) 107,675 179,492 (71,782) 107,710 12,703 (5,560) 7,143 18,242 11,798 204,522 11,637 (5,169) 6,468 17,037 9,921 198,825 Prepaid expenses and other Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net Goodwill Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5,257 46,092 22,122 645 3,738 667 78,521 30,045 6,780 8,354 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 295 2,648 85,107 (10,181) 77,869 2,953 80,822 $ 204,522 305 2,371 89,354 (14,232) 77,798 2,737 80,535 $ 198,825 Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 $ 10,523 $ 14,293 $ 15,080 10,080 761 10,529 (304) 3,136 1,210 9,454 (672) 206 1,410 (1,074) -140 4,086 928 (557) 28,337 (402) 1,021 3,942 1,280 492 31,673 (19) -703 2,008 1,466 (472) 27,552 (10,051) 378 1,046 Cash flows from operating activities: Consolidated net income Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Gain (loss) on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid (10,619) 456 662 (1,901) (2,463) (122) (13,987) (11,477) 635 246 0 0 (79) (10,675) (375) (58) (9,060) 1,235 (1,673) 137 (2,055) 39 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) 487 (111) 6,867 6,756 (6,216) (8,298) (479) (90) (398) (19,072) (452) (1,838) 8,705 6,867 (4,432) 0 (6,294) (4,112) (719) (1,326) (676) (16,285) (1,022) (430) 9,135 8,705 6,179 $2,450 4,507 $2,351 8,111 $2,540 Amazon Financial Statement Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions 12 Months Ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 $ 232,887 $ 177,866 $ 135,987 88,265 17,619 139,156 34,027 13,814 28,837 4,336 296 220,466 12,421 440 (1,417) (183) (1,160) 11,261 (1,197) Total net sales Operating expenses: Cost of sales Fulfillment Marketing Expense Technology and content General and administrative Other operating expense, net Total operating expenses Operating income (loss) Interest income Interest expense Other income (expense), net Total non-operating income (expense) Income before income taxes Provision for income taxes Equity-method investment activity, net of tax Net income Basic earnings per share Diluted earnings per share Weighted average shares used in computation of earnings per share: Basic (in shares) Diluted (in shares) Net product sales Total net sales Net service sales Total net sales 111,934 25,249 10,069 22,620 3,674 214 173,760 4,106 202 (848) 346 (300) 3,806 (769) (4) $ 3,033 $ 6.32 $ 6.15 7,233 16,085 2,432 167 131,801 4,186 100 (484) 90 9 (294) 3,892 (1,425) (96) $ 2,371 $ 5.01 $ 4.90 $ 10,073 $20.68 $ 20.14 474 487 500 480 493 484 $ 141,915 $ 118,573 $ 94,665 $ 90,972 $ 59,293 $ 41,322 Consolidated Balance Sheets - USD ($) $ in Millions Dec. 31, 2018 Dec. 31, 2017 Current assets: $ 31,750 9,500 17,174 16,677 75,101 61,797 14,548 11,202 162,648 $ 20,522 10,464 16,047 13,164 60,197 48,866 13,350 8,897 131,310 Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net Goodwill Other assets Total assets Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $0.01 par value: Authorized shares - 500 Issued and outstanding shares - none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 507 and 514 Outstanding shares Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 38,192 23,663 6,536 68,391 23,495 27,213 34,616 18,170 5,097 57,883 24,743 20,975 0 0 5 (1,837) 26,791 (1,035) 19,625 43,549 $ 162,648 (1,837) 21,389 (484) 8,636 27,709 $ 131,310 Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Dec. 31, Dec. 31, Dec. 31, 2018 2017 2016 $21,856 $19,934 $16,175 10,073 3,033 2,371 15,341 5,418 274 219 441 11,478 4,215 202 (292) (29) 8,116 2,975 160 (20) (246) (1,314) (4,615) 3,263 472 1,151 30,723 (3,583) (4,780) 7,100 283 738 18,365 (1,426) (3,436) 5,030 1,724 1,955 17,203 Statement of Cash Flows (Abstract] CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash from operating activities: Depreciation of property and equipment and other amortization, including capitalized content costs Stock-based compensation Other operating expense, net Other expense (income), net Deferred income taxes Changes in operating assets and liabilities: Inventories Accounts receivable, net and other Accounts payable Accrued expenses and other Unearned revenue Net cash provided by (used in) operating activities INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from property and equipment incentives Acquisitions, net of cash acquired, and other Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other Repayments of long-term debt and other Principal repayments of capital lease obligations Principal repayments of finance lease obligations Net cash provided by (used in) financing activities Foreign currency effect on cash, cash equivalents, and restricted cash Net increase (decrease) in cash, cash equivalents, and restricted cash CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for interest on capital and finance lease obligations Cash paid for income taxes, net of refunds Property and equipment acquired under capital leases Property and equipment acquired under build-to-suit leases (13,427) 2,104 (2,186) 8,240 (7,100) (12,369) (11,955) 1,897 (13,972) 9,677 (12,731) (27,084) (7,804) 1,067 (116) 4,577 (7,240) (9,516) 768 (668) (7,449) (337) (7,686) (351) 10,317 32,173 16,228 (1,301) (4,799) (200) 9,928 (327) (3,860) (147) (3,716) (212) 3,759 19,934 713 1,922 21,856 854 575 1,184 10,615 3,641 328 319 957 9,637 3,541 290 206 412 5,704 1,209 Ratios WALMART AMAZON 0.760 59,664 78,521 1.098 75,101 68,391 Current Ratio Current Assets Current Liabilities Debt to Asset Ratio Return on Equity Return on Assets Inventory Turnover Days in Inventory Accounts Receivable Turnover Times Interest Earned Free Cash Flow Gross Profit Rate Profit Margin Asset Turnover Ratios WALMART AMAZON Current Ratio 0.760 1.098 Current Assets 59,664 75,101 Current Liabilities 78.521 68.391 Debt to Asset Ratio HA HH HH HH H., Return on Equity Return on Assets Inventory Turnover Days in Inventory Accounts Receivable Turnover Times Interest Earned Free Cash Flow Gross Profit Rate Profit Margin Asset Turnover YOU MUST USE FORMULAS AND CELL REFERENCES ON THE RATIOS PAGE FOR THE NUMBERS TO BE CONSIDERED FOR FULL CREDIT ON THE PROJECTS. You may type in the names of the items included in the ratios but you must use cell references and formulas for all of the computations and numbers. Failure to do so will result in up to a 100% point deduction. You are encouraged to get help from the tutors in the Accounting Lab. You can also get help by email. You can email your professor and you can email the accounting lab (accountinglab@wayne.edu). If you email both please do so in the same email. Replies will be a reply all so whoever replies the other will know. You will likely get a faster response if you email both. Response time for emails sent to the accounting lab should be within 7-8 hours. Also, there will be no timely response to project emails sent after 2p on the project due dates. Don't wait until the last minute. There will be no response to accounting lab emails on Sundays. PROJECT INFORMATION You have been given financial statements for Amazon and Walmart (Income Statement, Balance Sheet, and Statement of Cash Flows). For this project, you will use the information in those statements to compute the ratios requested on the Ratios Tab. Current year information is Fiscal or Calendar year ended 2018 for both companies. SUGGESTED STEPS FOR COMPLETION OF THE PROJECT: Determine what amounts are needed to calculate the ratios requested. For example you need Current Assets and Current Liabilities to compute the Current Ratio. Enter the names of the items needed in the boxes in column A for each of the ratios. See Ratios Tab, column A for Current Ratio. Next, use the cell reference function and any other necessary formulas to enter the numbers for each of the items for each of the companies in the boxes under the requested ratios. Again see Ratios Tab Columns C and E for the Current Ratio for Walmart and for Amazon. Next use the numbers you have entered to calculate the ratios requested. Again see the Ratios Tab Columns C and E for Current Ratio for Walmart and for Amazon. ROUND ALL RATIO AMOUNTS TO 3 DECIMAL PLACES Repeat the steps for each of the ratios listed on the Ratio Tab Assume all sales were on credit where necessary. COGS can also be called Cost of Sales Income Tax Expense can also be called the Provision for Income Taxes Remember to consider the Statement of Cash Flows when trying to determine cash spent for any particular items. Final step - So that we can see your use of formulas you must use the following steps to display your formulas for the ratios on the Ratios Formula Tab. Copy all of the Ratios information from the Ratios Tab to the Ratios formulas tab. Highlight the entire ratios information area and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed on the Ratio Formulas Tab page and the numbers displayed on the Ratios Tab. Walmart Financial Statements Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions 12 Months Ended Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 Revenues: Net sales Membership and other income $ 495,761 4,582 $ 481,317 4,556 $ 478,614 3,516 500,343 485,873 482,130 373,396 106,510 20,437 361,256 101,853 22,764 360,984 97,041 24,105 2,044 323 (100) 2,267 2,027 521 (81) 2,467 Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital lease and financing obligations Interest income Interest, net Gain (loss) on extinguishment of debt Income before income taxes Provision for income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart Weighted average common shares outstanding: Basic Diluted Dividends declared per common share 1,978 352 (152) 2,178 3,136 15,123 4,600 10,523 (661) 9,862 20,497 6,204 14,293 (650) 13,643 21,638 6,558 15,080 (386) 14,694 $3.29 $ 3.28 $4.40 $ 4.38 $4.58 $ 4.57 2,995 3,010 2.04 3,101 3,112 2.00 3,207 3,217 1.96 Jan. 31, 2018 Jan. 31, 2017 Consolidated Balance Sheets - USD ($) $ in Millions Current assets: Cash and cash equivalents Receivables, net Inventories $ 6,756 5,614 43,783 $ 6,867 5,835 43,046 3,511 59,664 1,941 57,689 185,154 (77,479) 107,675 179,492 (71,782) 107,710 12,703 (5,560) 7,143 18,242 11,798 204,522 11,637 (5,169) 6,468 17,037 9,921 198,825 Prepaid expenses and other Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease and financing obligations: Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations, net Goodwill Other assets and deferred charges Total assets Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity: Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders' equity Noncontrolling interest Total equity Total liabilities and equity 5,257 46,092 22,122 645 3,738 667 78,521 30,045 6,780 8,354 1,099 41,433 20,654 921 2,256 565 66,928 36,015 6,003 9,344 295 2,648 85,107 (10,181) 77,869 2,953 80,822 $ 204,522 305 2,371 89,354 (14,232) 77,798 2,737 80,535 $ 198,825 Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 $ 10,523 $ 14,293 $ 15,080 10,080 761 10,529 (304) 3,136 1,210 9,454 (672) 206 1,410 (1,074) -140 4,086 928 (557) 28,337 (402) 1,021 3,942 1,280 492 31,673 (19) -703 2,008 1,466 (472) 27,552 (10,051) 378 1,046 Cash flows from operating activities: Consolidated net income Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Gain (loss) on extinguishment of debt Other operating activities Changes in certain assets and liabilities, net of effects of acquisitions: Receivables, net Inventories Accounts payable Accrued liabilities Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Payments for property and equipment Proceeds from the disposal of property and equipment Proceeds from the disposal of certain operations Purchase of available for sale securities Investment and business acquisitions, net of cash acquired Other investing activities Net cash used in investing activities Cash flows from financing activities: Net change in short-term borrowings Proceeds from issuance of long-term debt Payments of long-term debt Payment for debt extinguishment or debt prepayment cost Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental disclosure of cash flow information: Income taxes paid Interest paid (10,619) 456 662 (1,901) (2,463) (122) (13,987) (11,477) 635 246 0 0 (79) (10,675) (375) (58) (9,060) 1,235 (1,673) 137 (2,055) 39 4,148 7,476 (13,061) (3,059) (6,124) (8,296) (690) (8) (261) (19,875) 487 (111) 6,867 6,756 (6,216) (8,298) (479) (90) (398) (19,072) (452) (1,838) 8,705 6,867 (4,432) 0 (6,294) (4,112) (719) (1,326) (676) (16,285) (1,022) (430) 9,135 8,705 6,179 $2,450 4,507 $2,351 8,111 $2,540 Amazon Financial Statement Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions 12 Months Ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 $ 232,887 $ 177,866 $ 135,987 88,265 17,619 139,156 34,027 13,814 28,837 4,336 296 220,466 12,421 440 (1,417) (183) (1,160) 11,261 (1,197) Total net sales Operating expenses: Cost of sales Fulfillment Marketing Expense Technology and content General and administrative Other operating expense, net Total operating expenses Operating income (loss) Interest income Interest expense Other income (expense), net Total non-operating income (expense) Income before income taxes Provision for income taxes Equity-method investment activity, net of tax Net income Basic earnings per share Diluted earnings per share Weighted average shares used in computation of earnings per share: Basic (in shares) Diluted (in shares) Net product sales Total net sales Net service sales Total net sales 111,934 25,249 10,069 22,620 3,674 214 173,760 4,106 202 (848) 346 (300) 3,806 (769) (4) $ 3,033 $ 6.32 $ 6.15 7,233 16,085 2,432 167 131,801 4,186 100 (484) 90 9 (294) 3,892 (1,425) (96) $ 2,371 $ 5.01 $ 4.90 $ 10,073 $20.68 $ 20.14 474 487 500 480 493 484 $ 141,915 $ 118,573 $ 94,665 $ 90,972 $ 59,293 $ 41,322 Consolidated Balance Sheets - USD ($) $ in Millions Dec. 31, 2018 Dec. 31, 2017 Current assets: $ 31,750 9,500 17,174 16,677 75,101 61,797 14,548 11,202 162,648 $ 20,522 10,464 16,047 13,164 60,197 48,866 13,350 8,897 131,310 Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net Goodwill Other assets Total assets Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $0.01 par value: Authorized shares - 500 Issued and outstanding shares - none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 507 and 514 Outstanding shares Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 38,192 23,663 6,536 68,391 23,495 27,213 34,616 18,170 5,097 57,883 24,743 20,975 0 0 5 (1,837) 26,791 (1,035) 19,625 43,549 $ 162,648 (1,837) 21,389 (484) 8,636 27,709 $ 131,310 Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended Dec. 31, Dec. 31, Dec. 31, 2018 2017 2016 $21,856 $19,934 $16,175 10,073 3,033 2,371 15,341 5,418 274 219 441 11,478 4,215 202 (292) (29) 8,116 2,975 160 (20) (246) (1,314) (4,615) 3,263 472 1,151 30,723 (3,583) (4,780) 7,100 283 738 18,365 (1,426) (3,436) 5,030 1,724 1,955 17,203 Statement of Cash Flows (Abstract] CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash from operating activities: Depreciation of property and equipment and other amortization, including capitalized content costs Stock-based compensation Other operating expense, net Other expense (income), net Deferred income taxes Changes in operating assets and liabilities: Inventories Accounts receivable, net and other Accounts payable Accrued expenses and other Unearned revenue Net cash provided by (used in) operating activities INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from property and equipment incentives Acquisitions, net of cash acquired, and other Sales and maturities of marketable securities Purchases of marketable securities Net cash provided by (used in) investing activities FINANCING ACTIVITIES: Proceeds from long-term debt and other Repayments of long-term debt and other Principal repayments of capital lease obligations Principal repayments of finance lease obligations Net cash provided by (used in) financing activities Foreign currency effect on cash, cash equivalents, and restricted cash Net increase (decrease) in cash, cash equivalents, and restricted cash CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for interest on capital and finance lease obligations Cash paid for income taxes, net of refunds Property and equipment acquired under capital leases Property and equipment acquired under build-to-suit leases (13,427) 2,104 (2,186) 8,240 (7,100) (12,369) (11,955) 1,897 (13,972) 9,677 (12,731) (27,084) (7,804) 1,067 (116) 4,577 (7,240) (9,516) 768 (668) (7,449) (337) (7,686) (351) 10,317 32,173 16,228 (1,301) (4,799) (200) 9,928 (327) (3,860) (147) (3,716) (212) 3,759 19,934 713 1,922 21,856 854 575 1,184 10,615 3,641 328 319 957 9,637 3,541 290 206 412 5,704 1,209 Ratios WALMART AMAZON 0.760 59,664 78,521 1.098 75,101 68,391 Current Ratio Current Assets Current Liabilities Debt to Asset Ratio Return on Equity Return on Assets Inventory Turnover Days in Inventory Accounts Receivable Turnover Times Interest Earned Free Cash Flow Gross Profit Rate Profit Margin Asset Turnover Ratios WALMART AMAZON Current Ratio 0.760 1.098 Current Assets 59,664 75,101 Current Liabilities 78.521 68.391 Debt to Asset Ratio HA HH HH HH H., Return on Equity Return on Assets Inventory Turnover Days in Inventory Accounts Receivable Turnover Times Interest Earned Free Cash Flow Gross Profit Rate Profit Margin Asset Turnover