1. Dell Inc. James Mauney 080

2. Executive Summary My analysis of Dell Inc. resulted in the conclusion of Dell Inc. being a stable and growing company. www.dell.com/investor

3. Part A. Introduction Kevin B. Rollins Kevin B. Rollins One Dell Way, Round Rock, TX 78682- 2222 Jan. 28, 2005, Computer Technology and Services Computer Technology and Services International Geographic sales International Geographic sales

4. Part A. Audit Report PricewaterhouseCoopers LLP, Austin, Texas

5. Part A. Stock Market Information 41.06 per share 41.06 per share Dividend per share Dividend per share Date of the above information Date of the above information BUY it has has a minimum 18% current growth rate BUY it has has a minimum 18% current growth rate

6. Part B. Industry Situation and Company Plans The computer technology industry is the fastest growing industry today. Dell is planning to improve growth by gearing more towards the business market vs. the current role of the end user marketing campaigns.

7. Part C. Income Statement Multistep Income Statement. Multistep Income Statement. The increases are steady and profitable. The increases are steady and profitable.

8. Part C. Balance Sheet Insert a table showing that Assets=Liabilities + Stockholders’ Equity for the past two years. Insert a table showing that Assets=Liabilities + Stockholders’ Equity for the past two years. In your own words, comment in general on the increases or decreases in the balance sheet accounts. Which accounts changed the most? In your own words, comment in general on the increases or decreases in the balance sheet accounts. Which accounts changed the most?

9. Part C. Statement of Cash Flows Are cash flows from operations more or less than net income for the past two years? Are cash flows from operations more or less than net income for the past two years? Is the company growing through investing activities, i.e., buying property, plant and equipment and other long lived assets? Is the company growing through investing activities, i.e., buying property, plant and equipment and other long lived assets? What is the company’s primary source of financing, i.e., long-term loans, stock sales? What is the company’s primary source of financing, i.e., long-term loans, stock sales? Overall, has cash increased or decreased over the past two years? Overall, has cash increased or decreased over the past two years?

10. Part D. Accounting Policies What are the significant accounting policies, if any, relating to revenue recognition, cash, short-term investments, inventories, and property and equipment? What are the significant accounting policies, if any, relating to revenue recognition, cash, short-term investments, inventories, and property and equipment? List the topics of the notes to the financial statements. List the topics of the notes to the financial statements.

11. Part E. Financial Analysis Liquidity Ratios For the past two years, calculate and comment on: Working Capital Working Capital Current Ratio Current Ratio Receivable turnover Receivable turnover Average days’ sales uncollected Average days’ sales uncollected Inventory turnover Inventory turnover Average days’ inventory on hand Average days’ inventory on hand

12. Part E. Financial Analysis Profitability Ratios For the past two years, calculate and comment on: Profit margin Profit margin Asset turnover Asset turnover Return on assets Return on assets Return on equity Return on equity

13. Part E. Financial Analysis Solvency Ratio For the past two years, calculate and comment on: Debt to equity Debt to equity

14. Part E. Financial Analysis Market Strength Ratios For the past two years, calculate and comment on: Over the past two years Dell Inc. shares have increased in cost by ten dollars per year. Over the past two years Dell Inc. shares have increased in cost by ten dollars per year.