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The financial statements of PSG are presented in Appendix B. The company's complete annual report, including the notes to the financial statements, is available online. Click here to view Appendix B. Refer to PSG's financial statements and the related information in the annual report to answer the following questions. (c2) Your answer is incorrect. How much working capital did P&G have on June 30,2017 On June 30, 2016? (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Enter your answer in millions.) June 30, 2017 June 30, 2016 Working capital $ million $ million Appendix B Specimen Financial Statements: The Procter & Gamble Company Once each year, a corporation communicates to its stockholders and other interested parties by issuing a complete set of audited financial statements. The annual report, as this communication is called, summarizes the financial results of the company's operations for the year and its plans for the future. Many annual reports are attractive, multicolored, glossy public relations pieces, containing pictures of corporate officers and directors as well as photos and descriptions of new products and new buildings. Yet the basic function of every annual report is to report financial information, almost all of which is a product of the corporation's accounting system. The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations part of the report (pictures, products, etc.), the following are the traditional financial portions of the annual report: Financial Highlights Letter to the Stockholders Management's Discussion and Analysis Financial Statements Notes to the Financial Statements Management's Responsibility for Financial Reporting Management's Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm Selected Financial Data The official SEC filing of the annual report is called a Form 10-K, which often omits the public relations pieces found in most standard annual reports. On the following pages, we present The Procter & Gamble Company (P&G)'s financial statements taken from the company's 2017 Form 10-K Consolidated Statements of Earnings Amounts in millions except per share amounts: Years ended June 30 2017 2016 2015 NET SALES $ 65,058 $ 65,299 $ 70,749 Cost of products sold 32.535 32,909 37,056 Selling, general and administrative expense 18,568 18,949 20,616 Venezuela deconsolidation charge 2.028 OPERATING INCOME 13.955 13.441 11,049 Interest expense 465 579 626 Interest income 171 182 149 Other non-operating income/(expense), net (404) 325 440 EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 13,257 13.369 11,012 Income taxes on continuing operations 3,063 3.342 2.725 NET EARNINGS FROM CONTINUING OPERATIONS 10,194 10,027 8,287 NET EARNINGS/(LOSS) FROM DISCONTINUED OPERATIONS 5.217 577 (1,143) NET EARNINGS 15,411 10,604 7,144 Less: Net earnings attributable to noncontrolling interests 85 96 108 NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE S 15.326 $ 10,508 $ 7.036 BASIC NET EARNINGS PER COMMON SHARE:(1) Earnings from continuing operations S 3.79 $ 3.59 S 2.92 Earnings/(loss) from discontinued operations 2.01 0.21 BASIC NET EARNINGS PER COMMON SHARE $ 5.80 $ 3.80 $ 2.50 DILUTED NET EARNINGS PER COMMON SHARE:(:) Earnings from continuing operations $ 3.69 $ 3.49 $ 2.84 Earnings/loss) from discontinued operations 1.90 0.20 (0.40) DILUTED NET EARNINGS PER COMMON SHARE S 5-59 $ 3.69 $ 2.44 DIVIDENDS PER COMMON SHARE $ 2.70 $ 2.66 2.59 Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble. (0.42) S 2017 2016 $ 10,604 2015 $ 7,144 $ 15,411 Consolidated Statements of Comprehensive Income Amounts in millions; Years ended June 30 NET EARNINGS OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX Financial statement translation Unrealized gains/(losses) on hedges (net of S(186), 55 and 5739 tax, respectively) Unrealized gains/(losses) on investment securities (net of $(6), $7 and $o tax, respectively) Unrealized gains/losses) on defined benefit retirement plans (net of $551, 5(621) and $328 tax, respectively) TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX TOTAL COMPREHENSIVE INCOME Less: Total comprehensive income attributable to noncontrolling interests TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO PROCTER & GAMBLE 239 (306) (59) 1,401 (1,679) 1 28 (1,477 (3127) 7,477 96 $ 7,381 (,220) 1,234 24 844 (5,118) 2,026 108 $ 1,918 1,375 16.686 85 $ 16.601 2017 2016 $ $ 5,569 9,568 4.594 7,102 6,246 4.373 Consolidated Balance Sheets Amounts in millions; As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Available for sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventoreis Acas Deferred Prepaid expenses and other current assets Current assets held for sale TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,308 529 2,787 4,624 1,188 563 2,965 4,716 +3710 1 income taxes 1,507 2,139 26,494 19,893 44,699 24.187 5.133 S 120.406 2,653 7,185 33,782 19,385 44,350 24,527 5.092 $ 127-136 S 9,632 $ 9,325 7,024 7449 2.343 11,653 30,770 13,554 30,210 18,038 8,126 8,254 64.628 18.945 9,113 10,325 69,153 Liabilities and Shareholders' Equity CURRENT LIABILITIES RAL Accounts payable Accrued and other liabilities Current liabilities held for sale Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TAL LIABILITIES TOTAL SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share 600 shares authorized) Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) Common stock, stated value $1 per share (10,000 shares authorized: shares issued: 2017- 4,009.2, 2016 - 4,009.2) Madiun Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/loss) Treasury stock, at cost (shares held: 2017 - 1,455-9, 2016 - 1,341.2) Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,006 1,038 4,009 63,641 (1,249) (14,632) (93,715) 96,124 594 55,778 S 120.406 4,009 63,714 (1,290) (15,907) (82,176) 87,953 642 57.983 $ 127,136 Consolidated Statements of cash flow 2010-2016 OPERATING ACM 304 Files CASH AND CASH CHANGE IN CASH AND CASH EQUIVALENTS CHA KOLIVALENTS, END OF Y. 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