Go to Valero Energy and use the most recent 10-K http://www.investorvalero.com/phoenix.zhtml?c=254367&p=irol-sec#15486024 and download the 10-K from 2/28/2018.

1. Who are the outside auditors for the firm? What type of opinion did the compsany receive from the auditors with respect to the companys financial statements?

2. In the Management Discussions and Analysis section, what are the risks that may affect the companys operations?

3.Has management identified any new accounting standards that have the potential to affect the company? Explain . What accounting standards have recently been adopted by the company?

4. Calculate the companys current ratio for all the years where the company presents financial s=data.

5. Does the company maintain inventory? What inventory method does the company use? Has it recently changed its method of inventory valuation?

6.How does the company depreciate its asstes? What is the value of its assets located in the U.S. verus outside the U.S.?

7. Does the company have any intangible assets on its balance sheets? Whata re they?

8. How much long term debt has the company issued? How much debt will mature over the next three years?

9. Besides common stock, does the company have preferred stock outstsanding? If so, summarize the terms of the prefered stock.

10. Does the copmany have a complex capital structure? If so, what items fcator into the calculationof diluted EPS?

11. Has the company made any recent chanes in its manner of recognizing revenue? Explain.

12. What is the companys effective tax rate? What is the amount of DTAs on its balance sheet? is there a valuation allowance on the DTAs? If so, explain why. What are the two most significant temporary differnce giving rise to the compa DTAs?

13. Does the company have a stock option program? Restricted stock?

14. Does the company sponsor a defined pension plan? If so, is the plan over or under funded? Explain.

15. Does the company lease assets? If so, What are its commitments for operating leases $ and for capital leases?

16. For the most recent year, how much cash did the company generate from operating activities? Did it generate cash from financing activites? If so, what did it do?