When answering questions one through 34, you are to assume:

• MSFT's operating cash is the smaller of: (1) its cash and cash equivalents or (2) two percent of its total revenues.
• The following financial statement line items relate to operating activities: Other current assets (balance sheet). Other long-term assets (balance sheet). Other current liabilities (balance sheet). Deferred income taxes (balance sheet). Other long-term liabilities (balance sheet).
• Regarding all other financial statement line items, it is your responsibility to determine whether a particular line item relates either to operating activities or to financing activities.
• Inventory shown on MSFT's balance sheet relates to physical inventory?i.e., products that MSFT resells to its customers. The cost of revenue from sales of products equals the cost of physical inventory that was sold during the year.
• Accounts payable consists of: (1) amounts owed to suppliers of physical inventory and (2) amounts owed to advertisers of MSFT products, suppliers of services, etc. As of June 30, 2021 (June 30, 2020), the portion of accounts payable relating to amounts owed by MSFT to its suppliers of physical inventory was 5,000 (4,500) million U.S. dollars.
• During the fiscal year ending on June 30, 2021 MSFT's depreciation expense relating to property and equipment was 11,686 million U.S. dollars.
• The tax rate equals 21 percent

Finally, note that MSFT provides the following footnote disclosure about its cash, cash equivalents, short-term investments, and equity investments:

Our investments are intended to facilitate capital preservation. Our cash equivalents and short-term investments consist predominantly of highly liquid investment-grade fixed-income securities issued by governments, government agencies, and large corporations. Our equity investments consist predominantly of mutual fund securities.

6) What were MSFT's net financial obligations on June 30, 2021? Your answer should be in millions of U.S. dollars.

7) What was MSFT's invested capital on June 30, 2021? Your answer should be in millions of U.S. dollars.

8) What was MSFT's net financial expense before tax for the fiscal year ending on June 30, 2021? Your answer should be in millions of U.S. dollars.

9) What was MSFT's tax savings (cost) of financing activities for the fiscal year ending on June 30, 2021? If MSFT's financing activities generated tax savings (cost), enter your answer as a positive (negative) amount. Your answer should be in millions of U.S. dollars.

10) What was MSFT's net financial expense after tax for the fiscal year ending on June 30, 2021? Your answer should be in millions of U.S. dollars.

Balance Sheets June 30, (millions of USD) 2021 2020 Cash and cash equivalents 14,224 13,576 Short-term investments 116,110 122,951 Total cash, cash equivalents, and short-term investment 130,334 136,527 Accounts receivable 38,043 32,011 Inventories 2,636 1,895 Other current assets 13,393 11,482 Total current assets 184,406 181,915 Property and equipment 59,715 44,151 Operating lease right-of-use assets 11,088 8,753 Equity investments 5,984 2,965 Goodwill 49,711 43,351 Intangible assets, net 7,800 7,038 Other long-term assets 15,075 13,138 Total assets 333,779 301,311 Accounts payable 15,163 12,530 Current portion of long-term debt 8,072 3,749 Accrued compensation 10,057 7,874 Short-term income taxes 2,174 2,130 Short-term unearned revenue 41,525 36,000 Other current liabilities 11,666 10,027 Total current liabilities 88,657 72,310 Long-term debt 50,074 59,578 Long-term income taxes 27,190 29,432 Long-term unearned revenue 2,616 3,180 Deferred income taxes 198 204 Operating lease liabilities 9,629 7,671 Other long-term liabilities 13,427 10,632 Total liabilities 191,791 183,007 Common stock and paid-in capital 83,111 80,552 Retained earnings 57,055 34,566 Accumulated other comprehensive income 1,822 3,186 Total stockholders' equity 141,988 118,304 Total liabilities and stockholders' equity 333,779 301,311Income Statements Year Ended June 30, (In millions USD) 2021 2020 2019 Revenue: Product 71,074 68,041 66,069 Service and other 97,014 74,974 59,774 Total revenue 168,088 143,015 125,843 Cost of revenue: Product 18,219 16,017 16,273 Service and other 34,013 30,061 26,637 Total cost of revenue 52,232 46,078 42,910 Gross margin 115,856 96,937 82,933 Research and development 20,716 19,269 16,876 Sales and marketing 20,117 19,598 18,213 General and administrative 5,107 5,111 4,885 Operating income 69,916 52,959 42,959 Interest and dividend income 3,532 2,899 3,554 Interest expense -2,346 -2,822 -2,825 Income before income taxes 71,102 53,036 43,688 Income tax expense 9,831 8,755 4,448 Net income 61,271 44,281 1 39,240