Calculate the growth rate of aggregate dividend for the past 5 years. Using the attached income statement.
2. (10 points) Calculate the growth rate of aggregate dividend for the past 5 years. Note that g = D./D- 1, where gt is the growth rate of aggregate dividend at year t, De is the aggregate dividend at year t, and Dei is the aggregate dividend at year t-1. Then calculate the average growth rate of aggregate dividend over the past five years, 8. Fill in the blanks in the following table. Answer: Aggregate dividend Growth rate Average growth rate 2019 (6/30/2020) 2018 2017 2016 2015 Powych Microsoft Corporation (NMS: MSFT) Exchange rate used is that of the Year End reported date As Reported Annual Income Statement Report Date 06/30/2020 06/30/2019 05/30/2018 06/30/2017 06/30/2016 Currency USD USD USD USD USD Audit Status Not Available Not Qualified Not Qualified Not Qualified Not Qualified Consolidated Yes Yes Yes Yes Yes Scale Thousands Thousands Thousands Thousands Thousands Product revenue 68041000 66069000 64497000 57190000 61502000 Service & other revenue 74974000 59774000 45863000 32760000 23818000 Revenue 143015000 125843000 110360000 89950000 85320000 Cost of revenue product 16017000 16273000 15420000 15175000 17880000 Cost of revenue-service & other revenue 30051000 26637000 22933000 19086000 14900000 Cost of revenue 46078000 42910000 38353000 34261000 32780000 Gross margin 96937000 82933000 22007000 55689000 52540000 Research & development 19269000 16876000 14726000 13037000 11988000 Sales & marketing 19598000 18213000 17469000 15539000 14697000 General & administrative 5111000 4885000 4754000 4481000 4563000 Impairment, Integration, & restructuring 0 306000 1110000 Operating income (loss) 52959000 42959000 35058000 22326000 20182000 Interest & dividends income 2680000 2762000 2214000 1387000 903000 Interest expense 2591000 2686000 2733000 2222000 1243000 Net recognized gains on investments 32000 648000 2399000 2583000 568000 Net gains (losses) on derivatives 187000 144000 -187000 -510000 -443000 Net gains (losses) on foreign currency remeasurements -191000 82000 -218000 -164000 -121000 Other income (expensel.net -40000 -57000 -59000 -251000 -195000 Other income, net 77000 729000 1416000 823000 -431000 Income loss) before income taxes United States 24116000 15799000 11527000 453000 -325000 Income (loss) before income taxes foreign 28920000 27889000 24947000 22696000 20076000 Income (loss) before income taxes 53036000 43688000 36474000 23149000 19751000 Current taxes provision benefit) United States federal 1537000 4718000 19764000 2739000 545000 Current taxes provision (benefit) - United States state & local 763000 662000 934000 30000 136000 Current taxes provision (benefit) - foreign 4444000 5532000 4348000 2472000 1940000 Current taxes provision (benefit) 8746000 10911000 25046000 5241000 2621000 Deferred taxes provision (benefit) United States federal 58000 -5647000 -4292000 Deferred taxes provision (benefit) - United States state & local -6000 -1010000 458000 Deferred taxes provision (benefit) - foreign - 41000 194000 -393000 Deferred taxes provision (benefit) 11000 -6463000 -5143000 -3296000 332000 Provision for income taxes 8755000 4448000 19903000 1945000 2953000 Net Income loss) 44281000 39240000 16571000 21204000 16798000 Weighted average shares outstanding basic 7610000 7673000 7700000 7746000 7925000 Weighted average shares outstanding. diluted 7683000 7753000 Year end shares outstanding 7794000 7832000 8013000 7571000 Net earnings Gloss) per share-basie 7643000 7677000 7708000 7805000 5.82 2.15 Net earnings (los) per share-diluted 2.74 2.12 5.76 Cash dividends dedared per common share 5.05 2.73 2.04 Number of fulltime employees 1.84 1.68 1.56 1.44 163000 Number of common stockholders 144000 97535 124000 114000 91674 Foreign currency translation adjustments 94069 131000 101825 106534 -426000 -318000 228000 519000 5.11 2.13
