The balance sheet and disclosure of significant accounting policies taken from the 2016 annual report of Wal-Mart Stores, Inc., appear below. Use this information to answer the following questions:

1. What are the asset classifications contained in Walmart's balance sheet?
2. What amounts did Walmart report for the following items for 2016:
a. Total assets
b. Current assets
c. Current liabilities
d. Total equity
e. Retained earnings
f. Inventories
3. What is Walmart's largest current asset? What is its largest current liability?
4. Compute Walmart's current ratio for 2016.
5. Identify the following items:
a. The company's inventory valuation method
b. The definition of cash equivalents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
WAL-MART STORES, INC.
1 Summary of Significant Accounting Policies (in part)
Cash and Cash Equivalents
The Company considers investments with a maturity of three months or less when purchased to be cash equivalents.
Inventories
The Company values inventories at the lower of cost or market as determined primarily by the retail method of accounting, using the last-in, first-out ("LIFO") method for substantially all of the Walmart U.S. segment's merchandise inventories. Inventories for the Walmart International operations are primarily valued by the retail method of accounting, using the first-in, first-out ("FIFO") method. At January 31, 2016 and 2015, our inventories valued at LIFO approximate those inventories as if they were valued at FIFO.
Revenue Recognition
The Company recognizes sales revenue net of sales taxes and estimated sales returns at the time it sells merchandise to the customer. Customer purchases of shopping cards are not recognized as revenue until the card is redeemed and the customer purchases merchandise by using the shopping card. The Company also recognizes revenue from service transactions at the time the service is performed. Generally, revenue from services is classified as a component of net sales on our consolidated statements of income.

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WAL-MART STORES, INC. Consolidated Balance Sheets ($ In millions except per share data) As of January 31 2016 2015 Assets Current assets: $8,705 5,624 44,469 1,441 60,239 $9,135 Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other 6,778 45,141 2,224 63,278 Total current assets Property and equipment Property and equipment Less accumulated depreciation 176,958 (66,787) 110.171 177,395 (63,115) Property and equipment, net 114,280 Property under capital leases: Property under capital lease and financing obligations Less accumulated amortization 11,096 (4,751) 6,345 16,695 5,239 (2,864) 2,375 18,102 5,455 Property under capital leases and financing obligations, net Goodwill Other assets and deferred charges Total assets Llablllties, Redeemable Noncontrollng Interest and Equlty Current llabilities: $199,581 $203,490 $2,708 38,487 19,607 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 1,592 38,410 19,152 2,745 551 64,619 38,214 5,816 7,321 4,791 Total current liabilities Long-term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencles Equity 65,253 40,889 2,606 8,805 Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Total Walmart shareholders' equity Nonredeemable noncontrolling interest 1,805 90,021 323 2,462 85,777 80,546 3,065 83,611 $199,581 81,394 4,543 85,937 $203,490 Total equity Total llablllties, redeemable noncontrolling Interest and equity