Doing a Comparative analysis over the past three years, Goldman Sachs versus Morgan Stanley, Please show all work, Which company has superior qualitative and quantitative accounting metrics, why? What non-accounting factors influence your prediction and decision? Why?

MORGAN STANLEY BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.	2014	2015	2016
Assets
Cash and cash equivalents	87591	54083	43381
Restricted cash and cash equivalents		31469
Federal funds sold	83288	87657	101955
Securities and investments	351788	315690	342246
Securities borrowed	136708	142416	125236
Receivables	48961	45407	46460
Loans	66577	85759	94248
Premises and equipment	6108	6373
Goodwill	6588	6584	6577
Intangible assets	3159	2984	2721
Other assets	10742	9043	52125
Total assets	801510	787465	814949
Liabilities and stockholders' equity
Liabilities
Deposits	133544	156034	155863
Federal funds purchased	69949	36692	54628
Payables	181069	186626	190513
Trading liabilities	107381	109139
Short-term borrowing	2261	2173	941
Long-term debt	164857	163232	175893
Accrued expenses and liabilities
Other liabilities	71549	58387	161061
Total liabilities	730610	712283	738899
Stockholders' equity
Preferred stock	6020	7520	7520
Common stock	20	20	20
Other Equity	2127	2409	2851
Additional paid-in capital	24249	24153	23271
Retained earnings	44625	49204	53679
Treasury stock	-2766	-4059	-5797
Accumulated other comprehensive income	-3375	-4065	-5494
Total Stockholders' equity	70900	75182	76050
Total liabilities and stockholders' equity	801510	787465	814949

Income Statement

MORGAN STANLEY INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.	2014	2015	2016
Revenues
Investment banking	5948	5594	4933
Asset mgmt and securities services	10570	10766	10697
Interest income	5413	5835	7016
Other income	16022	15702	15303
Total interest and dividend income	37953	37897	37949
Interest expense	3678	2742	3318
Revenues, net of interest expense	34275	35155	34631
Operating expenses
Compensation and benefits	17824	16016	15878
Tech, communication and equipment	1635	1767	1787
Professional and outside services	2117	2298	2128
Advertising and marketing	658	681	587
Other special charges	5211	2624	2175
Other expenses	3239	3274	3228
Total noninterest expense	30684	26660	25783
Income before income taxes	3591	8495	8848
Income taxes	-90	2200	2726
Other income (expense)	-200	-152	-144
Income from discontinued operations	-14	-16	1
Net income	3467	6127	5979
Preferred dividends	315	456	471
Net income available to common shareholders	3152	5671	5508
Earnings per share
Basic	1.64	2.97	2.98
Diluted	1.6	2.9	2.92
Weighted average shares outstanding
Basic	1924	1909	1849
Diluted	1971	1953	1887

Cash Flow

Fiscal year ends in December. USD in millions except per share data.	2014-12	2015-12	2016-12
Cash Flows From Operating Activities
Net income	3667	6279	6123
Depreciation & amortization	1161	1433	1736
Investment/asset impairment charges	111	69	130
Deferred tax (benefit) expense	-231	1189	1579
Investments (gains) losses	-40	-84	-112
(Gains) loss on disposition of businesses
Stock based compensation	1260	1104	1136
Receivable	3608	-434	-2881
Payables	27971	4373	1803
Other assets and liabilities	-36171	-10586	-7091
Other operating activities	-205	331	24
Net cash provided by operating activities	1131	3674	2447
Cash Flows From Investing Activities
Sales/maturity of investments	17631	43589	42083
Purchases of investments	-32623	-47291	-50911
Changes in loans, net	-20116	-15816	-9604
Acquisitions and dispositions	989	998
Property, and equipments, net	-992	-1373	-1276
Other investing activities	-213	-102	200
Net cash used for investing activities	-35324	-19995	-19508
Cash Flows From Financing Activities
Change in deposits	21165	22490	-171
Change in short-term borrowing	119	-88	-1206
Long-term debt issued	36740	34182	43626
Long-term debt repayment	-33103	-27289	-30390
Preferred stock issued		1493
Repurchases of treasury stock	-1458	-2773	-3933
Cash dividends paid	-904	-1455	-1746
Other financing activities	584	-2195	1244
Net cash provided by (used for) financing activities	23143	24365	7424
Effect of exchange rate changes	-1849	-945	-1065
Net change in cash	-12899	7099	-10702
Cash at beginning of period	59883	46984	54083
Cash at end of period	46984	54083	43381

Balance Sheet

GOLDMAN SACHS BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.	2014	2015	2016
Assets
Cash and cash equivalents	9	23	5
Receivables	9	13	12
Investments	944	1091	1167
Other assets	6	6	7
Total assets	967	1133	1191
Liabilities and stockholders' equity
Liabilities
Payables and accrued expenses	42	25	27
Long-term debt	350	419	498
Other liabilities	1	0
Total liabilities	393	444	525
Stockholders' equity
Common stock	0	0	0
Additional paid-in capital	588	720	720
Accumulated other comprehensive income	-13	-31	-55
Total stockholders' equity	575	689	665
Total liabilities and stockholders' equity	967	1133	1191

Income Statement

GOLDMAN SACHS INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.	2014	2015	2016
Revenue	69	108	111
Operating expenses
Nonrecurring expense		1
Other expenses		-1
Total operating expenses
Operating income	69	108	111
Nonoperating income
Interest expense	5	11	14
Other income (expense)	-11	-17	-21
Total nonoperating income, net	-16	-28	-36
Income before taxes	53	80	75
Provision for income taxes			1
Other income (expense)	-16	-33	-34
Net income	37	47	41
Net income available to common shareholders	37	47	41
Earnings per share
Basic	1.04	1.34	1.12
Diluted	1.04	1.34	1.12
Weighted average shares outstanding
Basic	35	35	36
Diluted	35	35	36

Cash Flow

GOLDMAN SACHS CASH FLOW
Fiscal year ends in December. USD in millions except per share data.	2014-12	2015-12	2016-12
Cash Flows From Operating Activities
Net income	37	47	41
Amortization of debt discount/premium and issuance costs	-2	-4	-4
Investments (gains) losses	265	-171	-83
Receivable	-5	-4	1
Accrued liabilities	1	1	0
Interest payable	0	0	1
Other operating activities	-577	9	12
Net cash provided by operating activities	-280	-121	-31
Cash Flows From Investing Activities
Cash Flows From Financing Activities
Debt issued	450	288	387
Debt repayment	-100	-219	-303
Common stock issued		135
Repurchases of treasury stock	-24	-1
Dividend paid	-42	-64	-65
Other financing activities	-3	-4	-6
Net cash provided by (used for) financing activities	281	136	13
Net change in cash	1	14	-18
Cash at beginning of period	7	9	23
Cash at end of period	9	23	5
Free Cash Flow
Operating cash flow	-280	-121	-31
Free cash flow	-280	-121	-31