In your web browser, search for the investor relations page of a public company you are interested in (e.g., Zoom investor relations). Select SEC Filings or Annual Report or Financials to obtain the 10-K for the most recent year available.*

Required:
1. Has the company issued any long-term debt, either bonds or notes? If so, read the footnote and list any unusual features (e.g., callable, convertible, secured by specific collateral).
2. If the company issued any bond securities (which may be referred to as “notes” in the footnotes), were they issued at par, a premium, or a discount? If they were issued at a premium or discount, does the company use the straight-line or effective-interest amortization method?
3. Ratio analysis:
a. What does the debt-to-equity ratio measure in general?
b. Compute the ratio for the company for the last three years.
c. What do your results suggest about the company?
d. If available, find the industry ratio for the most recent year, compare it to your results, and discuss why you believe the company differs from or is similar to the industry ratio.
4. Ratio analysis:
a. What does the times interest earned ratio measure in general?
b. Compute the ratio for the company for the last three years. If interest expense is not separately disclosed, you will not be able to compute the ratio. If so, state why you think it is not separately disclosed.
c. What do your results suggest about the company?
d. If available, find the industry ratio for the most recent year, compare it to your results, and discuss why you believe the company differs from or is similar to the industry ratio.
5. Examine the company’s statement of cash flows for the most recent year. Were there any cash inflows or outflows associated with the issuance of debt, payment of interest, or repayment of principal reported on the statement of cash flows? In what section were these inflows and/or outflows reported in the statement of cash flows?