For this assignment (see Chapter 5, page 295: TIF 5-3 Real-world annual report), you should select a public company that interests you. Obtain the company's most recent annual report on Form 10-K. The Form 10-K is a company's annually required filing with the Securities and Exchange Commission (SEC). It includes the company's financial statements and accompanying notes. The Form 10-K can be obtained either (a) from the investor relations section of the company's website or (b) by using the company search feature of the SEC's website (Start here (Links to an external site.)).

1. Based on the information in the company's most recent annual report, determine each of the following:

a. Gross profit for each year reported.

b. Gross profit rate (Gross profit / Sales) for each year reported. Round to one decimal place.

c. Operating income for each year reported.

d. Percentage change in operating income for the most recent year. Round to one decimal place.

e. Net income for each year reported.

f. Percentage change in net income for the most recent year. Round to one decimal place.

2. Based solely on your responses to Item 1, has the company's performance improved, remained constant, or deteriorated over the periods presented? Briefly explain your answer.