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Integrative Case 1.1 (Chapter 1) presents the financial statements for Walmart for 20122015. In addition,...

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Finance

Integrative Case 1.1 (Chapter 1) presents the financial statements for Walmart for 20122015. In addition, the website for this text contains Walmarts December 31, 2015, Form 10-K. You should read the management discussion and analysis (MD&A), financial statements, and notes to the financial statements, especially Note 2, Summary of Significant Accounting Policies.

REQUIRED

REVENUE RECOGNITION

  • DoesWalmart recognize all of its revenue at a point in time? If not, how is it recognized?

COST OF SALES AND INVENTORY

  • What costing method does Walmart use to determine the cost of sales and inventory?
  • How does Walmart handle the requirement to report inventory at lower-of-cost or market?
  • Does Walmart have a large LIFO reserve? If not, why?
  • Walmart receives discounts from suppliers because it purchases large volumes of merchandise. Is this reported as other income or accounted for in another way?

PENSIONS

  • What kind of pension plans does Walmart have, and how are earnings affected by each?
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