The 2015 annual report of The Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&Gs annual report, respond to the following questions.

a. What types of equity securities does P&G have outstanding? What is their par or stated value, how many shares are authorized, and how many shares are outstanding at year-end 2014 and 2015?

b. What percentage of P&Gs assets are debt-financed versus equity-financed in 2014 and 2015? Why do you think the company has followed this strategic financing policy? What is P&Gs cost of debt in 2015?

c. How many common shares did P&G repurchase in 2015 and at what aggregate price?

d. How many common shares were issues in 2015 to employees under P&Gs employee stock option plan? If P&G had utilized the fair value method to account for its employee stock options, what would have been the effect on P&Gs basic and diluted EPS for 2015?