Use the annual reports of Carnival Corporation for the 20052007 scal years to answer the following questions.

Question:

Use the annual reports of Carnival for the 2005–2007 ﬁscal years to answer the following questions. This information can be found on either the annual report or the SEC 10-K ﬁling at www.carnival.com by following the links to Investor Relations.
Required:
(a) Prepare a common-sized and income statement for Carnival for 2006 and 2007. (Hint: Though no template is provided, this task is simpliﬁed by using Excel.)
(b) Were there any signiﬁcant changes from 2006 to 2007? If so, discuss those changes.
(c) Were the changes noted in part (b) as obvious by examining raw numbers as they were by examining the common-sized statements? Discuss.
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