Real World Case $3-5$ Balance sheet and significant accounting policies disclosure; Walmart L L$03-2$ through

$4103-4,2103-8$

Real World Financials

The balance sheet and disclosure of significant accounting policies taken from the January $31,2020,$ annual report Walmart Inc. appear below. Use this information to answer the following questions:

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

$$What amounts did Walmart report for the following items for $2020$:

$$Total assets

$$Current assets

$$Current liabilities

$$Total equity

$$Retained earnings

$$Inventory

$$What is Walmart's largest current asset? What is its largest current liability?

$$Compute Walmart's current ratio for $2020.$

$$Identify the following items from the summary of significant accounting policies:

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

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

$$When does the company recognize revenue from service transactions?