The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: 

1. Does Walmart separately report current assets versus long-term assets, and current liabilities versus long-term liabilities (yes/no)? 

2. What amounts did Walmart report for the following items for 2017:

 a. Total assets 

b. Current assets 

c. Current liabilities 

d. Total equity 

e. Retained earnings 

f. Inventory 

3. What is Walmart’s largest current asset? What is its largest current liability? 

4. Compute Walmart’s current ratio for 2017. 

5. Identify the following items from the summary of significant accounting policies: 

a. Does the company have any securities classified as cash equivalents (yes/no)?

b. What cost method does the company use for its U.S. inventory? 

c. When does the company recognize revenue from service transactions? 

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WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 Assets Current assets: Cash and cash equivalents $ 6,867 $ 8,705 Receivables (net) 5,835 5,624 Inventories 43,046 44,469 Prepaid expenses and other 1,941 1,441 Total current assets 57,689 60,239 Property and equipment: Property and equipment Less accumulated depreciation 179,492 176,958 (71,782) (66,787) 107,710 Property and equipment (net) Property under capital leases: Property under capital lease and financing obligations 110,171 11,637 11,096 Less accumulated amortization (5,169) (4,751) 6,345 Property under capital leases and financing obligations (net) Goodwill 6,468 17,037 16,695 Other assets and deferred charges 9,921 6,131 Total assets $198,825 $199,581 Liabilities, Redeemable Noncontrolling Interest and Equity Current liabilities: $ 1,099 $ 2,708 Short-term borrowings Accounts payable 41,433 38,487 Accrued liabilities 20,654 19,607 Accrued income taxes 921 521 Long-term debt due within one year Capital lease and financing obligations due within one year 2,256 2,745 565 551 Total current liabilities 66,928 64,619 Long-term debt Long-term capital lease and financing obligations 36,015 38,214 6,003 5,816 Deferred income taxes and other 9,344 7,321 Commitments and contingencies Equity: Common stock 305 317 Capital in excess of par value Retained earnings 2,371 1,805 89,354 90,021 Accumulated other comprehensive income (loss) (14,232) (11,597) 77,798 Total Walmart shareholders' equity Nonredeemable noncontrolling interest Total equity 80,546 2,737 3,065 80,535 83,611 Total liabilities, redeemable noncontrolling interest and equity $198,825 $199,581