Paper as Discussed

Running head: 1

Financial Analysis

Me

University

SHORT TITLE IN ALL CAPS 2

Table of Contents

Company Overview

Financial Statements

Income Statement

Balance Sheet

Statement of Owners’ Equity

Summary of Financials

Ratio Calculations

Table of Financial Ratios

Discussion of Key Statistics

Stock Forecasting

Additional Information

Recommendation Regarding Future Performance


Abstract

The abstract is a summary of your paper and should highlight the most important points. It

should begin at the left-hand margin with no paragraph indentation.


Financial Analysis

Company Overview

a. An overview of the corporation. i. Provide general information regarding the type of business,

products and/or services, location of headquarters, name of CEO, number of employees, and countries of operation, etc.

Financial Statements

Income Statement

Appendix A

These are not turn it in friendly versions.

Fix this tomorrow

a. The latest financial statementsii. Get the income statement, balance sheet, cash flow statement, and the

statement of owners’ equity for the past fiscal year. Create Turnitin-friendly versions of the financial statements; do not just ‘cut and paste’ them in your report. Do not forget to cite the source under each statement.

iii. If you cannot cut and paste them, you may have to type in the information in a table in your report.


Summary of Financials

a. A summary of each financial statement

Take each statement and state the key parts in words. Tell a story from each of the

financial statements. For example, for the income statement, the story starts like,

“Total Revenues in 2010 were $10 billion, while Cost of Goods Sold were $8 billion,

leaving a gross profit margin of $2 billion, or 20 percent of total revenues….After taking

out interest and taxes from EBIT, the net income was $0.5 billion, or 5 percent of total

revenues

Ratio Calculations

Financial Diagnostic Categories AppleIndustry (Computer

hardware)

Liquidity of Short Term Assets Current 1.5:1Cash 0.76:1Quick 1.48:1 0.49:1

Long-Term Debt Paying Ability

Debt Ratio 0.33 or 33% 1.42Debt-Equity Ratio 0.49 0.37

Times Interest Earned - 54.92%

ProfitabilityNet Income/Sales (Profit Margin) 26.67% 11.07%

Net Income/Assets (ROA) 24.45% 10.75%

Net Income/Shareholder Equity (ROE) 35.30% 25.98%


Asset Utilization/ Management EfficiencyTotal Asset Turnover 1.07 times 0.97 times

Inventory Turnover Measures 112 times 19.93 timesAccounts Receivable Turnover 10.29 times 7.75 times

Market MeasuresPrice/Earnings Ratio 14.94 18.79%

Earnings Per Common Share 44.64Dividend Payout 6% 9.99%

(Financial data used for analysis in Appendix A)

Financial Diagnostic CategoriesMicroso

ftIndustry (Software and

programing)

Liquidity of Short Term Assets Current 2.6:1Cash 1.93:1Quick 2.57:1 1.75:1

Long-Term Debt Paying Ability

Debt Ratio0.45 or 45% 0.77

Debt-Equity Ratio 0.83 0.23Times Interest Earned - 46.26%

Profitability

Net Income/Sales (Profit Margin) 23.03% 21.66%Net Income/Assets (ROA) 16.22% 11.48%

Net Income/Shareholder Equity (ROE) 25.58% 20.32%

Asset Utilization/ Management

Efficiency


Total Asset Turnover0.64 times 0.56 times

Inventory Turnover Measures13.97 times 19.1 times

Accounts Receivable Turnover4.79 times 6.58 times

Market MeasuresPrice/Earnings Ratio 15.14 16.54

Earnings Per Common Share 2.02Dividend Payout 38% 15.89%

(Financial data used for analysis in Appendix B)

Notes and references:

For calculating the P/E ratio, the relevant closing market price of Microsoft Corporation and

Apple Corporation were taken from:

http://www.google.com/finance/historical?q=NASDAQ

%3AMSFT&ei=OnViUemPJ8KskgWCfQ&start=180&num=30

and www.google.com/finance/historical?q=NASDAQ

%3AAAPL&ei=iHRiUbDCOIeLlAWfVQ&start=120&num=30 respectively.

2. Intangible assets are excluded while calculating the ROA.

3. Microsoft belongs to the “Software and Programing Industry” and Apple belongs to

“Computer Hardware Industry”. 3rd quarter industry average is taken and all information are

taken from, http://csimarket.com/Industry/industry_Profitability_Ratios.php?ind=1011

http://csimarket.com/Industry/industry_Profitability_Ratios.php?ind=1011

http://www.google.com/finance/historical?q=NASDAQ%3AAAPL&ei=iHRiUbDCOIeLlAWfVQ&start=120&num=30

http://www.google.com/finance/historical?q=NASDAQ%3AAAPL&ei=iHRiUbDCOIeLlAWfVQ&start=120&num=30

http://www.google.com/finance/historical?q=NASDAQ%3AMSFT&ei=OnViUemPJ8KskgWCfQ&start=180&num=30

http://www.google.com/finance/historical?q=NASDAQ%3AMSFT&ei=OnViUemPJ8KskgWCfQ&start=180&num=30


Discussion of Key Statistics

a. Discussion of key statistics provided by sources like Yahoo finance.iv. There are many different other statistics available for your

corporation. These include market value, beta, and diluted EPS, etc. Discuss some of the key statistics that you think can assist you to determine if this corporation is a good buy or sell.

Stock Forecasting

Apple Computers

Moving Average

Data for calcuations in table 4


Table 4

a. For you to decide if a corporation’s stock is a good buy or sell, you must forecast several key variables, including the stock price.

v. Use historical prices (5 years of monthly data recommended) and forecast the stock price for the next year. Use regression analysis, and/or moving average, etc. to create your forecast.

vi. Create a graph from the historical data and show your forecast on the same graph. You can add a trend line to the graph to help you with a forecast. Include the graph in your report.

vii. You need to say specifically what the forecasted value of the stock price is.

viii. You must address the question, “Is this forecast reasonable?” Must you amend your analysis to get a more reasonable forecast?

Additional Information

a. Other information pertinent to the corporation that could affect its future performance and stock price.

This could include dividend policy, capital structure, bond ratings, expert opinions on TV, new

projects, litigation, regulation, etc. Search for information on the web regarding this corporation.

Recommendation Regarding Future Performance

a. Recommendation regarding the future of this corporation. ix. Is the stock a good buy, average buy, or a poor buy (implying a good

sell)? x. Include a justification of your recommendation based on your analysis

and research.


References

Retrieved on April 7, 2013 from:http://investing.money.msn.com/investments/stock-income-

statement/?symbol=us%3aAAPL

Retrieved on April 7, 2013 from: http://www.nasdaq.com/symbol/aapl/earnings-

forecast#.UWIkE79X9Y0

Retrieved on April 7, 2013 from: http://www.sec.gov/cgi-bin/viewer?

action=view&cik=320193&accession_number=0001193125-12-444068&xbrl_type=v

http://www.sec.gov/cgi-bin/viewer?action=view&cik=320193&accession_number=0001193125-12-444068&xbrl_type=v

http://www.sec.gov/cgi-bin/viewer?action=view&cik=320193&accession_number=0001193125-12-444068&xbrl_type=v

http://www.nasdaq.com/symbol/aapl/earnings-forecast#.UWIkE79X9Y0

http://www.nasdaq.com/symbol/aapl/earnings-forecast#.UWIkE79X9Y0


Tables (Table 4)

Date Price Forecast Absolute Error Square Error8-Apr-08 173.95

1-May-08 188.75 2-Jun-08 167.44 181.350 13.910 193.4881-Jul-08 158.95 178.095 19.145 366.531

1-Aug-08 169.53 163.195 6.335 40.1322-Sep-08 113.66 164.240 50.580 2558.3361-Oct-08 107.59 141.595 34.005 1156.3403-Nov-08 92.67 110.625 17.955 322.3821-Dec-08 85.35 100.130 14.780 218.4482-Jan-09 90.13 89.010 1.120 1.2542-Feb-09 89.31 87.740 1.570 2.4652-Mar-09 105.12 89.720 15.400 237.1601-Apr-09 125.83 97.215 28.615 818.818

1-May-09 135.81 115.475 20.335 413.5121-Jun-09 142.43 130.820 11.610 134.7921-Jul-09 163.39 139.120 24.270 589.033

3-Aug-09 168.21 152.910 15.300 234.0901-Sep-09 185.35 165.800 19.550 382.2021-Oct-09 188.5 176.780 11.720 137.3582-Nov-09 199.91 186.925 12.985 168.6101-Dec-09 210.73 194.205 16.525 273.0764-Jan-10 192.06 205.320 13.260 175.8281-Feb-10 204.62 201.395 3.225 10.4011-Mar-10 235 198.340 36.660 1343.9561-Apr-10 261.09 219.810 41.280 1704.038

3-May-10 256.88 248.045 8.835 78.0571-Jun-10 251.53 258.985 7.455 55.5771-Jul-10 257.25 254.205 3.045 9.272


2-May-11 347.83 349.320 1.490 2.2201-Jun-11 335.67 348.980 13.310 177.1561-Jul-11 390.48 341.750 48.730 2374.613

1-Aug-11 384.83 363.075 21.755 473.2801-Sep-11 381.32 387.655 6.335 40.132


3-Oct-11 404.78 383.075 21.705 471.1071-Nov-11 382.2 393.050 10.850 117.7221-Dec-11 405 393.490 11.510 132.4803-Jan-12 456.48 393.600 62.880 3953.8941-Feb-12 542.44 430.740 111.700 12476.8901-Mar-12 599.55 499.460 100.090 10018.0082-Apr-12 583.98 570.995 12.985 168.610

1-May-12 577.73 591.765 14.035 196.9811-Jun-12 584 580.855 3.145 9.8912-Jul-12 610.76 580.865 29.895 893.711


1-May-13 432.930MAD 26.058 1308.182 MSE

se 32.573


Appendix A

Income Statements (Consolidated) Apple

2012 2011 2010 2009 2008As Of 9/29/12 9/24/11 9/25/10 9/26/09 9/27/08Source 10-K 10-K 10-K 10-K/A 10-K/A

Updated/Restated Updated Updated Updated Updated Restated

Revenue 156,508.00 108,249.00 65,225.00 42,905.00 37,491.00Other Revenue, Total 0 0 0 0 0

Total Revenue 156,508.00 108,249.00 65,225.00 42,905.00 37,491.00

Cost of Revenue, Total 87,846.00 64,431.00 39,541.00 25,683.00 24,294.00Gross Profit 68,662.00 43,818.00 25,684.00 17,222.00 13,197.00

Selling/General/Administrative Expenses, Total

10,040.00 7,599.00 5,517.00 4,149.00 3,761.00

Research & Development

3,381.00 2,429.00 1,782.00 1,333.00 1,109.00

Depreciation/Amortization

0 0 0 0 0

Interest Expense (Income), Net

Operating0 0 0 0 0

Unusual Expense (Income)

0 0 0 0 0

Other Operating Expenses, Total

0 0 0 0 0

Operating Income 55,241.00 33,790.00 18,385.00 11,740.00 8,327.00

Interest Income (Expense), Net Non-

Operating0 0 0 0 0

Gain (Loss) on Sale of Assets

0 0 0 0 0

Other, Net -566 -104 -156 -81 -33Income Before Tax 55,763.00 34,205.00 18,540.00 12,066.00 8,947.00

Income Tax - Total 14,030.00 8,283.00 4,527.00 3,831.00 2,828.00Income After Tax 41,733.00 25,922.00 14,013.00 8,235.00 6,119.00


Minority Interest 0 0 0 0 0Equity In Affiliates 0 0 0 0 0

U.S. GAAP Adjustment

0 0 0 0 0

Net Income Before Extra. Items

41,733.00 25,922.00 14,013.00 8,235.00 6,119.00

Total Extraordinary Items

0 0 0 0 0

Net Income 41,733.00 25,922.00 14,013.00 8,235.00 6,119.00

Total Adjustments to Net Income

0 0 0 0 0

Basic Weighted Average Shares

934.82 924.26 909.46 893.02 881.59

Basic EPS Excluding Extraordinary Items

44.64 28.05 15.41 9.22 6.94

Basic EPS Including Extraordinary Items

44.64 28.05 15.41 9.22 6.94

Diluted Weighted Average Shares

945.36 936.65 924.71 907.01 902.14

Diluted EPS Excluding Extraordinary Items

44.15 27.68 15.15 9.08 6.78

Diluted EPS Including Extraordinary Items

44.15 27.68 15.15 9.08 6.78

Dividends per Share - Common Stock Primary Issue

2.65 0 0 0 0

Dividends per Share - Common Stock Issue 2

0 0 0 0 0

Gross Dividends - Common Stock

2,500.00 0 0 0 0

Interest Expense, Supplemental

0 0 0 0 0

Depreciation, Supplemental

2,672.00 1,622.00 815 606 387

Normalized EBITDA 58,518.00 35,604.00 19,269.00 12,399.00 8,760.00Normalized EBIT 55,241.00 33,790.00 18,385.00 11,740.00 8,327.00

Normalized Income 55,763.00 34,205.00 18,540.00 12,066.00 8,947.00


Before TaxNormalized Income

After Taxes41,733.00 25,922.00 14,013.00 8,235.00 6,119.00

Normalized Income Available to Common

41,733.00 25,922.00 14,013.00 8,235.00 6,119.00

Basic Normalized EPS 44.64 28.05 15.41 9.22 6.94Diluted Normalized

EPS44.15 27.68 15.15 9.08 6.78

Amortization of Acquisition Cost

0 0 0 0 0

Amortization of Intangibles

605 192 69 53 46

note: all amounts in millions (except per share items)

Balance Sheets (Consolidated) Apple

2012 2011 2010 2009 2008

Period End Date 9/29/2012 9/24/2011 9/25/20109/26/200

99/27/200

8Souce for Statement 10-K 10-K 10-K 10-K/A 10-K/A Updated/Restated/Reclassified Updated Updated Reclassified Updated Restated

Assets

Cash and Short Term Investments

29,129.00 25,952.00 25,620.00 23,464.00 22,111.00

Total Receivables, Net 18,692.00 11,717.00 9,924.00 5,057.00 4,704.00Total Inventory 791 776 1,051.00 455 509Prepaid Expenses 0 0 0 309 475Other Current Assets, Total 9,041.00 6,543.00 5,083.00 2,270.00 2,207.00Total Current Assets 57,653.00 44,988.00 41,678.00 31,555.00 30,006.00

Property/Plant/Equipment, Total - Net

15,452.00 7,777.00 4,768.00 2,954.00 2,455.00

Goodwill, Net 1,135.00 896 741 206 207Intangibles, Net 4,224.00 3,536.00 342 353 352Long Term Investments 92,122.00 55,618.00 25,391.00 10,528.00 2,379.00Note Receivable - Long Term 0 0 0 0 0

Other Long Term Assets, Total

5,478.00 3,556.00 2,263.00 1,905.00 772

Other Assets, Total 0 0 0 0 0Total Assets 176,064.0 116,371.0 75,183.00 47,501.00 36,171.00


0 0

Liabilities and Shareholders' Equity

Accounts Payable 21,175.00 14,632.00 12,015.00 5,601.00 5,520.00Payable/Accrued 0 0 0 0 0Accrued Expenses 3,283.00 2,428.00 1,593.00 1,293.00 1,320.00

Notes Payable/Short Term Debt

0 0 0 0 0

Current Port. of LT Debt/Capital Leases

0 0 0 0 0

Other Current Liabilities, Total

14,084.00 10,910.00 7,114.00 4,612.00 4,521.00

Total Current Liabilities 38,542.00 27,970.00 20,722.00 11,506.00 11,361.00 Total Long Term Debt 0 0 0 0 0Deferred Income Tax 13,847.00 8,159.00 4,300.00 2,216.00 999Minority Interest 0 0 0 0 0Other Liabilities, Total 5,465.00 3,627.00 2,370.00 2,139.00 1,514.00

Total Liabilities 57,854.00 39,756.00 27,392.00 15,861.00 13,874.00 Redeemable Preferred Stock 0 0 0 0 0

Preferred Stock - Non Redeemable, Net

0 0 0 0 0

Common Stock 16,422.00 13,331.00 10,668.00 8,210.00 7,177.00Additional Paid-In Capital 0 0 0 0 0

Retained Earnings (Accumulated Deficit)

101,289.00

62,841.00 37,169.00 23,353.00 15,129.00

Treasury Stock - Common 0 0 0 0 0ESOP Debt Guarantee 0 0 0 0 0Unrealized Gain (Loss) 491 420 -81 0 0Other Equity, Total 8 23 35 77 -9

Total Equity 118,210.0

076,615.00 47,791.00 31,640.00 22,297.00

Total Liabilities & Shareholders’ Equity

176,064.00

116,371.00

75,183.00 47,501.00 36,171.00

Total Common Shares Outstanding

939.21 929.28 915.97 899.81 888.33


Total Preferred Shares Outstanding

0 0 0 0 0

note: all amounts in millions (except per share items)source:

Cash Flows (Consolidated) Statement Apple 2012 2011 2010 2009 2008Period End Date 9/29/12 9/24/11 9/25/10 9/26/09 9/27/08Stmt Source 10-K 10-K 10-K 10-K/A 10-K/A Stmt Update Type Updated Updated Updated Updated Reclassified Net Income/Starting Line

41,733.00 25,922.00 14,013.00 8,235.00 6,119.00

Depreciation/Depletion 3,277.00 1,814.00 1,027.00 734 496Amortization 0 0 0 0 0Deferred Taxes 4,405.00 2,868.00 1,440.00 1,040.00 398Non-Cash Items 1,740.00 1,168.00 903 736 538Changes in Working Capital

-299 5,757.00 1,212.00 -586 2,045.00

Cash from Operating Activities

50,856.00 37,529.00 18,595.00 10,159.00 9,596.00

Capital Expenditures -9,402.00 -7,452.00 -2,121.00 -1,213.00 -1,199.00Other Investing Cash Flow Items, Total

-38,825.00 -32,967.00 -11,733.00-

16,221.00-6,990.00

Cash from Investing Activities

-48,227.00 -40,419.00 -13,854.00-

17,434.00-8,189.00

Financing Cash Flow Items

125 613 345 188 633

Total Cash Dividends Paid

-2,488.00 0 0 0 0

Issuance (Retirement) of Stock, Net

665 831 912 475 483

Issuance (Retirement) of Debt, Net

0 0 0 0 0

Cash from Financing Activities

-1,698.00 1,444.00 1,257.00 663 1,116.00

Foreign Exchange Effects

0 0 0 0 0


Net Change in Cash 931 -1,446.00 5,998.00 -6,612.00 2,523.00 Net Cash - Beginning Balance

9,815.00 11,261.00 5,263.00 11,875.00 9,352.00

Net Cash - Ending Balance

10,746.00 9,815.00 11,261.00 5,263.00 11,875.00


Appendix B

Income Statement (Consolidated) Microsoft 2012 2011 2010 2009 2008As Of 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08Source 10-K 10-K 10-K 10-K 10-K Updated/Restated Updated Updated Updated Updated Reclassified Revenue 73,723.00 69,943.00 62,484.00 58,437.00 60,420.00Other Revenue, Total 0 0 0 0 0Total Revenue 73,723.00 69,943.00 62,484.00 58,437.00 60,420.00 Cost of Revenue, Total 17,530.00 15,577.00 12,395.00 12,155.00 11,598.00Gross Profit 56,193.00 54,366.00 50,089.00 46,282.00 48,822.00 Selling/General/Administrative Expenses, Total

18,426.00 18,162.00 17,218.00 16,579.00 18,387.00

Research & Development

9,811.00 9,043.00 8,714.00 9,010.00 8,164.00

Depreciation/Amortization

0 0 0 0 0

Interest Expense (Income), Net Operating

0 0 0 0 0

Unusual Expense (Income)

5,895.00 -80 -10 -532 0

Other Operating Expenses, Total

0 0 0 0 0

Operating Income 22,061.00 27,241.00 24,167.00 21,225.00 22,271.00 Interest Income 0 0 0 0 0


(Expense), Net Non-Operating Gain (Loss) on Sale of Assets

0 0 0 0 0

Other, Net 1 -31 14 -56 -143Income Before Tax 22,267.00 28,071.00 25,013.00 19,821.00 23,814.00 Income Tax - Total 5,289.00 4,921.00 6,253.00 5,252.00 6,133.00Income After Tax 16,978.00 23,150.00 18,760.00 14,569.00 17,681.00 Minority Interest 0 0 0 0 0Equity In Affiliates 0 0 0 0 0U.S. GAAP Adjustment

0 0 0 0 0

Net Income Before Extra. Items

16,978.00 23,150.00 18,760.00 14,569.00 17,681.00

Total Extraordinary Items

0 0 0 0 0

Net Income 16,978.00 23,150.00 18,760.00 14,569.00 17,681.00 Total Adjustments to Net Income

0 0 0 0 0

Basic Weighted Average Shares

8,396.00 8,490.00 8,813.00 8,945.00 9,328.00

Basic EPS Excluding Extraordinary Items

2.02 2.73 2.13 1.63 1.9

Basic EPS Including Extraordinary Items

2.02 2.73 2.13 1.63 1.9

Diluted Weighted Average Shares

8,506.00 8,593.00 8,927.00 8,996.00 9,470.00

Diluted EPS Excluding Extraordinary Items

2 2.69 2.1 1.62 1.87

Diluted EPS Including Extraordinary Items

2 2.69 2.1 1.62 1.87

Dividends per Share - Common Stock Primary Issue

0.8 0.64 0.52 0.52 0.44

Dividends per Share - Common Stock Issue 2

0 0 0 0 0

Gross Dividends - 6,721.00 5,394.00 4,547.00 4,620.00 4,084.00


Common Stock Interest Expense, Supplemental

380 295 151 38 0

Depreciation, Supplemental

2,200.00 2,229.00 1,800.00 1,700.00 1,400.00

Normalized EBITDA 30,714.00 29,927.00 26,764.00 22,984.00 24,143.00Normalized EBIT 27,956.00 27,161.00 24,257.00 20,693.00 22,271.00Normalized Income Before Tax

28,162.00 27,991.00 25,103.00 19,289.00 23,814.00

Normalized Income After Taxes

21,472.78 23,084.02 18,825.00 14,177.97 17,681.00

Normalized Income Available to Common

21,472.78 23,084.02 18,825.00 14,177.97 17,681.00

Basic Normalized EPS 2.56 2.72 2.14 1.59 1.9Diluted Normalized EPS

2.52 2.69 2.11 1.58 1.87

Amortization of Acquisition Cost

0 0 0 0 0

Amortization of Intangibles

558 537 707 591 472


source:

Balance Sheet (Consolidated) Microsoft 2012 2011 2010 2009 2008Period End Date 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08Stmt Source 10-K 10-K 10-K 10-K 10-K Stmt Update Type Updated Updated Updated Updated Updated Assets Cash and Short Term Investments 63,040.00 52,772.00 36,788.00 31,447.00 23,662.00Total Receivables, Net 15,780.00 14,987.00 13,014.00 11,192.00 13,589.00Total Inventory 1,137.00 1,372.00 740 717 985Prepaid Expenses 0 0 0 0 0Other Current Assets, Total 5,127.00 5,787.00 5,134.00 5,924.00 5,006.00Total Current 85,084.00 74,918.00 55,676.00 49,280.00 43,242.00


Assets Property/Plant/Equipment, Total - Net 8,269.00 8,162.00 7,630.00 7,535.00 6,242.00Goodwill, Net 13,452.00 12,581.00 12,394.00 12,503.00 12,108.00Intangibles, Net 3,170.00 744 1,158.00 1,759.00 1,973.00Long Term Investments 9,776.00 10,865.00 7,754.00 4,933.00 6,588.00Note Receivable - Long Term 0 0 0 0 0Other Long Term Assets, Total 1,520.00 1,434.00 1,501.00 1,878.00 2,640.00Other Assets, Total 0 0 0 0 0Total Assets 121,271.00 108,704.00 86,113.00 77,888.00 72,793.00 Liabilities and Shareholders' Equity Accounts Payable 4,175.00 4,197.00 4,025.00 3,324.00 4,034.00Payable/Accrued 0 0 0 0 0Accrued Expenses 3,875.00 3,575.00 3,283.00 3,156.00 2,934.00Notes Payable/Short Term Debt 0 0 1,000.00 2,000.00 0Current Port. of LT Debt/Capital Leases 1,231.00 0 0 0 0Other Current Liabilities, Total 23,407.00 21,002.00 17,839.00 18,554.00 22,918.00Total Current Liabilities 32,688.00 28,774.00 26,147.00 27,034.00 29,886.00 Total Long Term Debt 10,713.00 11,921.00 4,939.00 3,746.00 0Deferred Income Tax 1,893.00 1,456.00 229 0 0Minority Interest 0 0 0 0 0Other Liabilities, Total 9,614.00 9,470.00 8,623.00 7,550.00 6,621.00Total Liabilities 54,908.00 51,621.00 39,938.00 38,330.00 36,507.00 Redeemable Preferred Stock 0 0 0 0 0


Preferred Stock - Non Redeemable, Net 0 0 0 0 0Common Stock 65,797.00 63,415.00 62,856.00 62,382.00 62,849.00Additional Paid-In Capital 0 0 0 0 0Retained Earnings (Accumulated Deficit) -856 -8,195.00 -17,736.00 -23,793.00 -27,703.00Treasury Stock - Common 0 0 0 0 0ESOP Debt Guarantee 0 0 0 0 0Unrealized Gain (Loss) 1,523.00 1,658.00 1,231.00 939 0Other Equity, Total -101 205 -176 30 1,140.00Total Equity 66,363.00 57,083.00 46,175.00 39,558.00 36,286.00 Total Liabilities & Shareholders’ Equity 121,271.00 108,704.00 86,113.00 77,888.00 72,793.00 Total Common Shares Outstanding 8,381.00 8,376.00 8,668.00 8,908.00 9,151.00Total Preferred Shares Outstanding 0 0 0 0 0


Cash Flow Statement (Consolidated) Microsoft 2012 2011 2010 2009 2008Period End Date 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08Stmt Source 10-K 10-K 10-K 10-K 10-K Stmt Update Type Updated Updated Updated Updated Updated Net Income/Starting Line 16,978.00 23,150.00 18,760.00 14,569.00 17,681.00Depreciation/Depletion 2,967.00 2,766.00 2,673.00 2,562.00 2,056.00Amortization 0 0 0 0 0Deferred Taxes 954 2 -220 762 935Non-Cash Items 10,901.00 4,079.00 2,199.00 1,322.00 3,375.00Changes in Working -174 -3,003.00 661 -178 -2,435.00


Capital Cash from Operating Activities 31,626.00 26,994.00 24,073.00 19,037.00 21,612.00 Capital Expenditures -2,305.00 -2,355.00 -1,977.00 -3,119.00 -3,182.00Other Investing Cash Flow Items, Total -22,481.00 -12,261.00 -9,337.00

-12,651.00 -1,405.00

Cash from Investing Activities -24,786.00 -14,616.00 -11,314.00

-15,770.00 -4,587.00

Financing Cash Flow Items 93 -23 55 33 120Total Cash Dividends Paid -6,385.00 -5,180.00 -4,578.00 -4,468.00 -4,015.00Issuance (Retirement) of Stock, Net -3,116.00 -9,133.00 -8,958.00 -8,774.00 -9,039.00Issuance (Retirement) of Debt, Net 0 5,960.00 190 5,746.00 0Cash from Financing Activities -9,408.00 -8,376.00 -13,291.00 -7,463.00 -12,934.00 Foreign Exchange Effects -104 103 -39 -67 137Net Change in Cash -2,672.00 4,105.00 -571 -4,263.00 4,228.00 Net Cash - Beginning Balance 9,610.00 5,505.00 6,076.00 10,339.00 6,111.00Net Cash - Ending Balance 6,938.00 9,610.00 5,505.00 6,076.00 10,339.00


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