Executive Summary for Wal-Mart
Executive Summary for Wal-Mart
Bridgette Smith
ACC280/Principles of Accounting
November 21, 2010
James E. Gajda
Introduction There are large and small businesses all across the country, with many different public and private accounting firms that handle their accounts. Many of these businesses are raking in millions and millions of dollars a year. Wal-Mart is one of them. We will be exploring Wal-Mart and how it came about as a business, along with examining their balance sheets, income statement, and the cash flow statement. We will also be taking a look at what Wal-Mart’s current revenues are over the annual reporting periods, and who handles their accounting process.
Wal-mart History Wal-mart is a super mart store that sells groceries and wanted needs. They sell things such as food, electronics, toys, school supplies, and craft material. It was founded by a businessman named Sam Walton. Walton was business oriented and was willing to purchase large and small businesses if he thought they would make a profit. In 1962, Walton invested 95% of the capital to open the first Wal-mart store in Rogers, Arkansas. In the early 1960’s and 70’s Walton decided to keep sales prices lower than other department stores. The company by then was reaching sales of over $10 million. Wal-Mart got its name by Walton’s assistant Bob Bogle. As of now Wal-Mart makes $405 billion dollars in sales a year and can be found in other countries such as Brazil, China, Mexico and Japan. According to Wal-Mart their purpose is for people to save money and to help them live better. Wal-Mart is audited by Report of Independent Registered Public Accounting firm. Their audits include obtaining an understanding of internal control over financial reporting. Wal-Marts ticker symbol is WMT. They operate in three business segments, and are located on the New York Stock Exchange (Euronext). The industry is classified as broadline retailers, and the issue type
Bridgette Smith
ACC280/Principles of Accounting
November 21, 2010
James E. Gajda
Introduction There are large and small businesses all across the country, with many different public and private accounting firms that handle their accounts. Many of these businesses are raking in millions and millions of dollars a year. Wal-Mart is one of them. We will be exploring Wal-Mart and how it came about as a business, along with examining their balance sheets, income statement, and the cash flow statement. We will also be taking a look at what Wal-Mart’s current revenues are over the annual reporting periods, and who handles their accounting process.
Wal-mart History Wal-mart is a super mart store that sells groceries and wanted needs. They sell things such as food, electronics, toys, school supplies, and craft material. It was founded by a businessman named Sam Walton. Walton was business oriented and was willing to purchase large and small businesses if he thought they would make a profit. In 1962, Walton invested 95% of the capital to open the first Wal-mart store in Rogers, Arkansas. In the early 1960’s and 70’s Walton decided to keep sales prices lower than other department stores. The company by then was reaching sales of over $10 million. Wal-Mart got its name by Walton’s assistant Bob Bogle. As of now Wal-Mart makes $405 billion dollars in sales a year and can be found in other countries such as Brazil, China, Mexico and Japan. According to Wal-Mart their purpose is for people to save money and to help them live better. Wal-Mart is audited by Report of Independent Registered Public Accounting firm. Their audits include obtaining an understanding of internal control over financial reporting. Wal-Marts ticker symbol is WMT. They operate in three business segments, and are located on the New York Stock Exchange (Euronext). The industry is classified as broadline retailers, and the issue type