Disclosure Analysis Paper

536 words - 3 pages

The consolidated financial statements include the accounts of Wal-Mart Stores, Inc. and its subsidiaries. Significant inter company transactions have been eliminated in consolidation. investments in which Wal-Mart has a 20% to 50% voting interest and which Management control are accounted for using the equity method.The management at Wal-Mart has developed and maintains a system of internal and disclosure controls, including an extensive internal audit program. Those controls are designed to provide reasonable assurance that the Company's assets are protected from improper use and that Wal-Mart's accounting records provide a reliable basis for the preparation of financial statements. They continually review, improve and modify their systems and programs in response to changes in ...view middle of the document...

All credit card, debit card and EBT transactions that process in less than seven days are classified as cash and cash equivalents. Amounts due from banks for these transactions classified as cash totaled $866 million at the end of January 31, 2004.Their accounts receivables consist primarily of receivables from insurance companies generated by their pharmacy sales, receivables from real estate transactions and receivables from suppliers for marketing or incentive programs. Additionally, amount due from banks for customer credit card, debit card and EBT transactions that take in excess of seven days are classified as accounts receivables.Wal-Mart values their inventory at the lower of cost market as determined primarily by the retail method of accounting, using the last-in, first-out (LIFO) method for substantially all domestic merchandise inventories, except SAM'S CLUB merchandise, which is based on average cost using LIFO method. Inventories of foreign operations are primarily valued by the retail method of accounting, using the first-in, first-out (FIFO) method. Their inventories at FIFO did not exceed inventories at LIFO by a significant amount.The management of Wal-Mart Stores, Inc is responsible for the integrity and objectivity of the financial statements and other information presented in their reports, The financial statements were prepared in conformity with accounting principles generally accepted in the United States. The preparation of financial statements requires certain estimates and judgments, which are based upon currently available information and management's view of current conditions and circumstances.Works Cited:http://www.walmartstores.com/Files/annualreport_2004.pdf

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