Required: Access the Walmart 2021 Annual Report/10K (In the appendix to the textbook or obtain...
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Accounting
Required: Access the Walmart 2021 Annual Report/10K (In the appendix to the textbook or obtain online). Look at the financial statements and Notes to the financial statements closely and attempt to infer what kinds of information they report. Then, answer the following questions based on the Report.
1. Compute the current ratio for fiscal year 2021.
2. What is the net book value (carrying value) of Walmartss property and equipment (PPE) at fiscal year-end 2021?
3. a) Compute the change in Fixtures and Equipment from fiscal year-end 2020 to fiscal year-end 2021 (hint: refer to the notes).
b) If Walmart purchased fixtures and equipment during the fiscal year ending January 31, 2021 (FYend 2021) of $15,000, what was the cost of fixtures and equipment sold during the year (hint: make a T-account)?
4. Assume Walmart sold goods costing $1,100 on account for $1,600.
a) Prepare the (complete) journal entry to record this transaction.
b) Assuming the correct journal entry was NOT recorded,
i) determine the effect (including the dollar amount) on the following (OS, US, NE) A = L + S/E
ii) what would be the proper fiscal year 2021 amounts that should be shown for:
(1) Total net revenue?
(2) Inventories?
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