Exhibit 5.26 presents risk ratios for Walmart for 2014 and 2013. Exhibits 1.19, 1.20, and 1.21 in Chapter 1 present the financial statements for Walmart.

REQUIRED
a. Compute the values of each of the ratios in Exhibit 5.26 for Walmart for 2015. Walmart had 3,162 million common shares outstanding at the end of fiscal 2015, and the market price per share was $66.36. For 2014, the comparable shares and price per share were 3,228 million and $84.98, and for 2013, they were 3,233 million and $74.68, respectively. For days accounts receivable outstanding, use total revenues in your calculations.
b. Interpret the changes in Walmart€™s risk ratios during the three-year period, indicating any areas of concern.

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Exhibit 1.19 Wal-Mart Stores, Inc. Balance Sheets as of January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) 2014 2015 2016 Assets: $ 7,281 $ 9,135 Cash and cash equivalents 8,705 Accounts and notes receivable-net 6,677 6,778 5,624 Inventories 44,858 45,141 44,469 Prepaid expenses and other current assets Current assets of discontinued segments 1,909 2,224 1,441 460 $ 63,278 $ 60,239 $ 61,185 Current Assets Property, plant, and equipment-at cost Accumulated depreciation 178,678 182,634 188,054 (71,538) 16,695 6,131 (65,979) 18,102 (60,771) 19,510 Goodwill Other assets 6,149 5,455 $204,751 Total Assets $203,490 $199,581 Liabilities and Equities: Accounts payable Current accrued expenses Notes payable and short-tem debt Current maturities of long-tem debt Income taxes payable Current liabilities of discontinued operations $ 37415 $ 38,410 $ 38,487 18,793 19,152 19,607 7,670 4,412 1,592 2,708 5,078 3,296 966 1,021 521 89 $ 69,345 $ 64,619 $ 65,253 Current Liabilities Long-tem debt obligations Deferred tax liabilities-noncurrent Redeemable noncontrolling interest 44,559 43,495 44,030 8,805 8,017 1,491 $123,412 7,321 Total Liabilities $117,553 2,785 85,777 $115,970 Common stock + Additional paid-in capital Retained earnings Accum. other comprehensive income (loss) 2,685 2,122 76,566 90,021 (2,996) $ 76,255 (7,168) (11,597) $ 81,394 Total Common Sharehokders' Equity Noncontrolling interests Total Equity Total Liabilities and Equities $ 80,546 5,084 4,543 3,065 $ 81,339 $ 85,937 $ 83,611 $199,581 $204,751 $203,490 Exhibit 1.20 Wal-Mart Stores, Inc. Income Statements for the Fiscal Years Ended January 31 (amounts in millions; allow for rounding) (Integrative Case 1.1) 2014 2015 2016 $ 476,294 358,069 $118,225 $ 485,651 365,086 Revenues $ 482,130 Cost of goods sold 360,984 Gross Profit $120,565 $121,146 Selling, general, and administrative expenses Operating Profit 91,353 93,418 97,041 $ 26,872 $ 27,147 $ 24,105 Interest income 119 113 81 (2,335) $ 24,656 8,105 (2,461) $ 24,799 Interest expense (2,548) $ 21,638 6,558 Income before Tax Income tax expense Income (Loss) from discontinued operations 7,985 144 285 $ 16,695 (673) $ 16,022 $ 17,099 (736) $ 16,363 $ 15,080 (386) $ 14,694 Net Income Net income attributable to noncontrolling interests Net Income Attributable to Common Shareholders Other comprehensive income items Comprehensive Income (2,409) (4,172) (4,429) $ 13,613 $ 12,191 $ 10,265