Obtain a copy of your company’s annual report and 10-K to shareholders. Use this information to answer the 50 questions that begin on page 4 of this document. After answering all of the questions, type up your results in this document. Use Excel for the common size statements and Word for your write up.CVS Link to AnnualReport/10K/Letter to Shareholdershttps://cvs2020.s3.amazonaws.com/pdf/CVSHealth_2019_FULL.pdfStockholder’s Letter1. Who wrote the letter? What is this person’s title?2. In 100 words or less summarize the basic message in the letter.Financial Highlights3. Does your company present any financial highlights in the annual report4. If yes, what items are highlighted?5. Do these highlight items present the company in a positive, mixed or negative way? Explain.6. Where there any items you think that should have been included in the company’s list that were omitted? (HINT: answer this question after you have completed the entire project.)Fiscal year7. What is the company’s fiscal year? Where did you find this information?8. Explain why the company has chosen this time period for its fiscal year.Balance Sheet9. What time periods/dates does this company’s balance sheet cover?10. What is the balance sheet equation (accounting equation) for the most recent year (Use the totals for each category of total assets, total liabilities, total stockholder’s equity)?11. In terms of dollars, what are the three largest assets on the most recent balance sheet?12. Is the make-up of assets consistent with what you would expect to see for this type of company?13. In terms of dollars, what are the three largest liabilities on the most recent balance sheet?14. Which amount is larger for the most recent year, paid in capital or retained earnings?15. Convert the balance sheet for each year into a common size balance sheet and present on a separate page.16. What is the percentage of current assets to total assets for each year?17. What is the percentage of current liabilities to total assets for each year?18. What is the percentage of total debt to total assets for each year?19. Did the percentage of total debt to total assets increase, decrease or stay the same? What do these numbers say about the company?20. What is the percentage of stockholders’ equity to total assets for each year?21. Compute the current ratio for each fiscal year. What do these numbers say about the company?22. Does the company’s common stock have a par value? If so, how much was the reported par value per share?23. How many shares of common stock were issued at the end of each fiscal year?24. Does the company have any treasury stock?25. Does the company have any preferred stock?Income Statement26. Using the totals for income and expenses, what is the income statement equation for the most recent year?27. What time periods/dates does this company’s income statement cover?28. What amount of net sales is reported for each year?29. What is the percentage change in sales for each year? Describe the trend in revenues.30. What amount of net income is reported for each fiscal year?31. What is the percentage change in net income for each year? Which is changing faster, sales or net income?32. What three expenses are largest in terms of dollars on the most recent income statement?33. Convert the income statement to into a common size income statement.34. If the company sells products, compute the gross margin and the gross margin percentage for each fiscal year?35. What is the amount of operating income for each year? What is the operating income as a percentage of sales for each year? Describe the trend in operating income.36. What was the percentage return on sales for each fiscal year? What is the trend in the ratio?Statement of Cash Flows37. Using the totals for each category, what is the cash flows equation for the most recent year?38. Does the company report cash flows from operating activities using the direct or the indirect method? Describe how you can tell.39. Does the ending balance of cash and cash equivalents agree with the amount reported on the balance sheet?40. On what statement(s) would you expect to find information regarding the declaration and payment of dividends? Did the company declare or pay dividends in any year?41. Describe the trend in cash flows from financing activities.Statement of Changes in Stockholders’ Equity42. Using the amounts from the statement of changes in stockholders’ equity, what is the equation for changes in retained earnings for the most recent year?Notes to the Financial Statements43. How many notes to the financial statements are presented for the most recent year?44. The first note to the financial statements lists and describes significant accounting policies. Identify and summarize two accounting policies.45. Choose two of the notes to the financial statements and briefly summarize them.Report of Independent Public Accountants (Auditors)46. What accounting firm audited the company’s financial statements?47. What is the auditor firm’s responsibility with respect to auditing them?48. What type of opinion did the independent auditors issue on the financial statements? What does this opinion mean?49. The auditor firm should have investigated the internal control system of the company. Describe what is communicated in the letter reporting on this investigation. What was the auditor’s opinion on the internal control systemManagement’s Discussion and Analysis (MD & A50. Provide a description (200-300 words) of the MD & A.
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