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