Analyzing Financial Statements Using the Internet: Cisco Go to www.cisco.com to locate the Cisco annual report. Click on About Cisco. Under Investor Relations, click Annual Reports. Then click the latest annual report. Then click Online Annual Report. Answer the following questions concerning Cisco:

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1. Select Letter to Shareholders from the menu. In what languages can you get the letter? Is the message optimistic? 2. Select Corporate Profile from the menu. When was the company founded and by whom? In how many countries does Cisco operate? 3. Now find Cisco's balance sheet under Financial Review. What are Cisco's total assets, total liabilities, and total shareholders' equity? (Treat "Minority interest" as a liability.) 4. How much are Cisco's inventories? Have they increased or decreased in the last year? Do you think that change is good or bad? 5. Find Cisco's list of members of its board of directors. How many directors are there? How many are Cisco executives? How many are academics? 6. Select the Report of Independent Auditors. Who is responsible for the preparation, integrity, and fair presentation of Cisco's financial statements? What is the auditor's responsibility?