RESEARCH AND ANALYSIS USING THE ANNUAL 10-K Obtain Marriott’s 2007 10-K through the ‘‘Investor Relations’’ portion of their website. (Using a search engine, search for: Marriott investor relations.) Once at the Investor Relations part of the website look for ‘‘SEC Filings.’’ When you see the list of all the filings, either filter for the ‘‘Annual Filings’’ or search for ‘‘10-K’’ when you find the list of all SEC Filings.

Another option is to go to http://www.sec.gov and click ‘‘Search for company filings’’ under ‘‘Filings & Forms (EDGAR).’’

Required:

. What are Marriott’s total liabilities for 2007?

. How much of these liabilities are classified as long-term debt?

. Look at Marriott’s long-term debt footnote and answer the following questions:

a. When does their debt with the highest stated rate mature?

b. How much of their debt is maturing in each of the next five years? How much is maturing in more than five years?

c. How much debt was issued during 2007? What was the stated rate of interest on this debt?

. Calculate and discuss Marriott’s debt to equity and times interest earned (accrual basis) ratios.

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