Dell 1999 Annual Report Download - page 21

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Dell Computer Corporation
In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the
financial position of Dell Computer Corporation and its subsidiaries at January 28, 2000 and January 29, 1999, and the results of their
operations and their cash flows for each of the three fiscal years in the period ended January 28, 2000, in conformity with generally
accepted accounting principles. In addition, in our opinion, the financial statement schedule listed in the accompanying index, presents
fairly, in all material respects, the information required to be set forth therein when read in conjunction with the consolidated financial
statements. These financial statements and financial statement schedule are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We
conducted our audits of these statements in accordance with generally accepted auditing standards, which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed above.
As discussed in Note 1 to the consolidated financial statements, in fiscal year 2000 the Company changed its policy for determining
which items are treated as cash equivalents.
PRICEWATERHOUSECOOPERS LLP
Austin, Texas
February 10, 2000
28
DELL COMPUTER CORPORATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in millions)
January 28, January 29,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 3,809 $ 1,726
Short term investments 323 923
Accounts receivable, net 2,608 2,094
Inventories 391 273
Other 550 791
Total current assets 7,681 5,807
Property, plant and equipment, net 765 523
Long term investments 1,048 532
Equity securities and other investments 1,673 —
Goodwill and other 304 15
Total assets $ 11,471 $ 6,877
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,538 $ 2,397
Accrued and other 1,654 1,298
Total current liabilities 5,192 3,695
Long term debt 508 512
Other 463 349
Commitments and contingent liabilities — —
Total liabilities 6,163 4,556
Stockholders' equity:
Preferred stock and capital in excess of $.01 par value; shares issued and
outstanding: none — —
Common stock and capital in excess of $.01 par value; shares issued and
outstanding: 2,575 and 2,543, respectively 3,583 1,781
Retained earnings 1,260 606
Other comprehensive income 533 (36)
Other (68) (30)
Total stockholders' equity 5,308 2,321
Total liabilities and stockholders' equity $ 11,471 $ 6,877
The accompanying notes are an integral part of these consolidated financial statements.