Accounts payable Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total liabilities Total shareholders' equity Total liabilities and shareholders' equity $ 46,202 32,539 $ 78,741 36,935 11,417 $127,093 78,089 $ 205,182 $ 41,543 25, 605 $ 67,148 42,128 12,191 $121,467 78,018 $199,485 Income Statement (figures in $ millions) Net sales $500, 453 Cost of goods sold 373,506 Selling, general, and administrative expenses 96,091 Depreciation 10,639 Earnings before interest and taxes (EBIT) $ 20,217 Interest expense 2,288 Taxable income $ 17,929 Tax 4,600 Net income $ 13, 329 Dividends 6,234 Addition to retained earnings $ 7,095 $485,983 361,366 91,883 10,190 $ 22,544 2,377 $ 20,167 7,058 $ 13,109 6,805 $ 6,304 a. Calculate the market value added. (Do not round intermediate calculations. Enter your answer in millions rounded to nearest whole number.) b. Calculate the market-to-book ratio. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Calculate the economic value added. (Do not round intermediate calculations. Enter your answer in millions rounded to nearest whole number.) d. Calculate the return on start-of-the-year capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) The following table gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 3,015 million shares outstanding with a share price of $128. The company's weighted average cost of capital was about 5%. Assume a tax rate of 35%. Start of Year 43,893 3,621 $ 6,977 5,945 43, 156 2,051 $ 58,129 Balance Sheet (figures in $ millions) End of Year Assets Current assets: Cash and marketable securities $ 6,866 Accounts receivable 5,724 Inventories Other current assets Total current assets $ 60,104 Fixed assets: Net fixed assets $114,928 Other long-term assets 30,150 Total assets $ 205, 182 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 46,202 Other current liabilities 32,539 Total current liabilities $ 78,741 Long-term debt 36,935 Other long-term liabilities 11,417 Total liabilities $127,093 Total shareholders' equity 78,089 Total liabilities and shareholders' equity $205, 182 $114, 288 27,068 $199,485 $ 41,543 25,605 $ 67, 148 42,128 12,191 $121,467 78,018 $199,485 $ 20,217 Income Statement (figures in $ millions) Net sales $500, 453 Cost of goods sold 373,506 Selling, general, and administrative expenses 96,091 Depreciation 10,639 Earnings before interest and taxes (EBIT) Interest expense Taxable income $ 17,929 Tax 4,600 Net income $ 13,329 Dividends 6,234 Addition to retained earnings $ 7,095 2,288 $ 485,983 361,366 91,883 10,190 $ 22,544 2,377 $ 20,167 7,058 $ 13, 109 6,805 $ 6,304 Accounts payable Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total liabilities Total shareholders' equity Total liabilities and shareholders' equity $ 46,202 32,539 $ 78,741 36,935 11,417 $127,093 78,089 $ 205,182 $ 41,543 25, 605 $ 67,148 42,128 12,191 $121,467 78,018 $199,485 Income Statement (figures in $ millions) Net sales $500, 453 Cost of goods sold 373,506 Selling, general, and administrative expenses 96,091 Depreciation 10,639 Earnings before interest and taxes (EBIT) $ 20,217 Interest expense 2,288 Taxable income $ 17,929 Tax 4,600 Net income $ 13, 329 Dividends 6,234 Addition to retained earnings $ 7,095 $485,983 361,366 91,883 10,190 $ 22,544 2,377 $ 20,167 7,058 $ 13,109 6,805 $ 6,304 a. Calculate the market value added. (Do not round intermediate calculations. Enter your answer in millions rounded to nearest whole number.) b. Calculate the market-to-book ratio. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Calculate the economic value added. (Do not round intermediate calculations. Enter your answer in millions rounded to nearest whole number.) d. Calculate the return on start-of-the-year capital. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) The following table gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 3,015 million shares outstanding with a share price of $128. The company's weighted average cost of capital was about 5%. Assume a tax rate of 35%. Start of Year 43,893 3,621 $ 6,977 5,945 43, 156 2,051 $ 58,129 Balance Sheet (figures in $ millions) End of Year Assets Current assets: Cash and marketable securities $ 6,866 Accounts receivable 5,724 Inventories Other current assets Total current assets $ 60,104 Fixed assets: Net fixed assets $114,928 Other long-term assets 30,150 Total assets $ 205, 182 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 46,202 Other current liabilities 32,539 Total current liabilities $ 78,741 Long-term debt 36,935 Other long-term liabilities 11,417 Total liabilities $127,093 Total shareholders' equity 78,089 Total liabilities and shareholders' equity $205, 182 $114, 288 27,068 $199,485 $ 41,543 25,605 $ 67, 148 42,128 12,191 $121,467 78,018 $199,485 $ 20,217 Income Statement (figures in $ millions) Net sales $500, 453 Cost of goods sold 373,506 Selling, general, and administrative expenses 96,091 Depreciation 10,639 Earnings before interest and taxes (EBIT) Interest expense Taxable income $ 17,929 Tax 4,600 Net income $ 13,329 Dividends 6,234 Addition to retained earnings $ 7,095 2,288 $ 485,983 361,366 91,883 10,190 $ 22,544 2,377 $ 20,167 7,058 $ 13, 109 6,805 $ 6,304