Question

Perform a vertical and horizontal analysis of Wal-Mart Stores,Inc.’s income statements and balance sheets as of January 31, 2015.In performing this analysis, consider any notable trends or changesthat you observe that may provide useful information concerning itsfinancial condition. Also use as many years’ worth of statements asyou feel necessary.

WAL MART STORESINC
10-K
Statement of CashFlows
(Amounts in millions)
Fiscal Year Ended January 31,	2015	2014	2013	2012
Cash flows from operating activities:
Consolidated net income	$17,099	$16,695	$17,756	$16,387
(Income) Loss from discontinuedoperations, net of tax	(285)	(144)	(52)	21
Income from continuing operations	16,814	16,551	17,704	16,408
Adjustments to reconcileincome from continuing operations to net cash provided by operatingactivities
Depreciation and amortization	9,173	8,870	8,478	8,106
Deferred income taxes	(503)	(279)	(133)	1,050
Other operating activities	785	938	602	468
Changes in certain assets and liabilities,net of effects of acquisitions:
Increase in accounts receivable	(569)	(566)	(614)	(796)
Increase in inventories	(1,229)	(1,667)	(2,759)	(3,727)
Increase in accounts payable	2,678	531	1,061	2,687
Increase in accrued liabilities	1,249	103	271	30
(Decrease) Increase in accrued incometaxes	166	(1,224)	981	29
Net cash provided by operatingactivities	28,564	23,257	25,591	24,255
Cash flows from investing activities:
Payments for property and equipment	(12,174)	(13,115)	(12,898)	(13,510)
Proceeds from disposal of property andequipment	570	727	532	580
Proceeds from disposal of certainoperations	671	0	0	0
Other investing activities	(192)	(138)	(271)	(3,679)
Net cash used in investingactivities	(11,125)	(12,526)	(12,637)	(16,609)
Cash flows from financing activities:
Net change in short-term borrowings	(6,288)	911	2,754	3,019
Proceeds from issuance of long-termdebt	5,174	7,072	211	5,050
Payment of long-term debt	(3,904)	(4,968)	(1,478)	(4,584)
Dividends paid	(6,185)	(6,139)	(5,361)	(5,048)
Purchase of Company stock	(1,015)	(6,683)	(7,600)	(6,298)
Dividends paid to noncontrollinginterest	(600)	(426)	(282)	(526)
Purchase of noncontrolling interest	(1,844)	(296)	(132)	0
Other financing activities	(409)	(260)	(58)	(71)
Net cash used in financingactivities	(15,071)	(10,789)	(11,946)	(8,458)
Effect of exchange rates on cash	(514)	(442)	223	(33)
Net (decrease) increase in cash and cashequivalents	1,854	(500)	1,231	(845)
Cash and cash equivalents at beginning ofyear	7,281	7,781	6,550	7,395
Cash and cash equivalents at endof year	$9,135	$7,281	$7,781	$6,550
Supplemental disclosure of cash flowinformation
Income tax paid	8,169	8,641	7,304	5,889
Interest paid	2,433	2,362	2,262	2,346