A.  Walmarts Income Statement and Consolidate Footnotes

Using Wal-Marts 10-K, Walmarts February 2018 Earnings Release and in particular their annual financial results, answer the following:

a)    Describe what revenue is included in Net Sales? 
b)    Describe what is contained in the Cost of Sales?
c)    Describe what is contained in Operating, selling, general & administrative expenses?
d)    Describe what is Operating Income?
e)    What is the net income per share for FY2019 and how has it changed over the past few years?
f)    How many shares does Walmart have outstanding?
g)    What is managements guidance and expectations for FY2019 described in the February 2019 earnings release?
h)    Consider the trends reflected over time in Walmarts revenues, operating income and earnings.  Do you expect that Walmart will announce in their FY2019 earnings release that they met managements guidance?

B.    Solving Walmarts Cash Flow Puzzle.
Extend the Hertenstein and McKinnon analysis to Walmart.  Review the 10K and please make the following analysis:
    scan the big picture,
    check the power of the cash flow engine,
    pinpoint the good news and bad news, and
    put the puzzle together

1.    Provide a 1-2 paragraph summary describing the Cash Flow Puzzle
2.    Provide a 1-2 paragraph summary with your analysis of Walmart relating to this puzzle.