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The annual reports of Wal-Mart and Target are provided free of charge via walmartcom and targetcom Upon inspection the Wal-Mart and target reports include meaningful financial statements including the Statement of Owners Equity Income Statement and Balance Sheet These statements were obtained through 10-K statements available on walmartcom and targetcom In comparing the statements of these companies Wal-Mart and Target both provide multi-step Statements of Operations which include the current and previous 2 years financial information Selected Data from Statement of Operations Dollars in Millions Wal-Mart 2002 Wal-Mart 2001 Wal-Mart 2002 Wal-Mart 2001 Sales52693487033486133879 Gross Margin141341310596099386 Income from Operations2641245719391570 Net Income9996391117874 A review of core operating data shows that annual sales improved by 399 million and 982 million for Wal-Mart and Target respectively This resulted in Wal-Mart improving net income by 361 and Target producing a 218 gain over the previous year While Wal-Mart would appear to have improved dramatically further review reveals that this improvement is due to a large reduction in income taxes caused by a corresponding loss in business segment walmartcom Because this segment is expected to reduce its losses in 2003 look for Wal-Mart to have a more modest improvement in net income Consistent with GAAP both organizations have balanced consolidated balance sheets as follows Selected Data from Consolidated Balance Sheets Dollars in millions Wal-Mart 2002 Target 2001 Wal-Mart 2002 Target 2001 AAssets29954262322268221793 LLiabilities 1967717351 1237612294 SEStockholders Equity 102778881 103069499 Total Liabilities and Shareholder Equity29954262322268221793 According to the Statement of Cash Flows Wal-Mart and Target have produced significantly larger net cash flows from Operations than net income Target has improved cash flows from operations through effective reduction of AP while Wal-Mart utilized impairment and the loss on walmartcom to improve net cash flows In 2001 Target appears to have expanded and in 2002 the bills became payable This explains the difference in cash from operations over the previous years Wal-Mart also has continued to expand
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