The following selected data was retrieved from the Walmart, Inc. financial statm
ID: 2505316 • Letter: T
Question
The following selected data was retrieved from the Walmart, Inc. financial statments for the year ending january 31, 2013:
Accounts payable $38080
Acounts receivable $6768
Cash $7781
Common Stock $3952
Cost of goods sold $352488
Income tax expense $7981
Interest expenses $2064
mempership revenues $3048
Net sales $466114
Operating, selling and admin expenses $88873
Retained earnings $72978
Required:
1. Prepare a multiple-step income statement
2. Calculate the profit margin, and gross profit rate for the company. Be sure to the provide the formula you are using, show your calculations, and discuss your findings/results
Explanation / Answer
Walmart Income Statement for year ending 31 January 2013 Amount Amount Net Sales 466114 A Cost of Sales/Goods Sold B Cost of Goods Sold 352488 C Gross Profir(A-B) 113626 Less: D Income Tax Expenses 7981 E interest Expenses 2064 F Operating, selling admn Exp 88873 G Total(D+E+F) 98918 H Operating Income(C-G) 14708 Add: I Memership Revenue 3048 Fund from Operation(H+I) 17756