Dell, Inc., uses its SEC Form 10-K as its official annual report. The company also produces a “Year in Review” summary, which it refers to as an annual report, but that document does not provide sufficient detail to answer the following questions. Using the most current Forms 10-K for Dell, Inc., complete the requirements below. To find the Forms 10-K use either the SEC EDGAR system following the instructions or the company’s website.

Required:

a. Find the Management’s Discussion and Analysis section (MD&A) of Dell’s 10-K. In the first subsection of the MD&A, “Overview,” a table summarizes Dell’s results of operations for the past three years. Does this table present information in a horizontal or a vertical format?

b. Using the table identified in Requirement

a, explain how Dell’s net income changed over the past three years in absolute amounts and in percentages.

c. Which reflected the greater percentage change, revenue, or net income?

d. Near the middle of the MD&A section there is a subsection called “Liquidity, Capital Commit¬ ments, and Contractual Cash Obligations.” The second table in this subsection presents data for three items related to Dell’s “Cash conversion cycle.” Identify these three items and explain what the data related to them tell the reader.