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1. Prepare a common-size income statement for Walmart for the most recent three years. Ignore the section of the income statement that shows Comprehensive Income. (You do not have to show all the underlying calculations for the common-size income statement because it is understood that all the items are a percentage of revenue).

Walmart Inc. Consolidated Statements of Income Fiscal Years Ended January 31, 2020 2019 2021 S 555,233 $ 3,918 559,151 519,926 S 4,038 523,964 510.329 4,076 514,405 (Amounts in millions, except per share data) Revenues: Net sales Membership and other income Total revenues Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Finance capital lease and financing obligations Interest income Interest, net 420,315 116,288 22,548 394.605 108,791 20,568 385,301 107,147 21,957 1,976 339 (121) 2,194 2.262 337 (189) 2,410 1,975 371 (217) 2,129 Other (gains) and losses Income before income taxes Provision for income taxes Consolidated net income Consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart (210) 20,564 6,858 13,706 (1.958) 20.116 4,915 15,201 8,368 11,460 4,281 7,179 (196) 13,510 S (320) 14,881 S (509) 6,670 S S 4.77 S 5.22 $ 2.28 Net income per common share: Basic net income per common share attributable to Walmart Diluted net income per common share attributable to Walmart 4.75 5.19 2.26 Weighted average common shares outstanding: Basic Diluted 2,929 2,831 2,847 2,850 2,868 2,945 Dividends declared per common share $ 2.16 S 2.12 S 2.08

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