Dell 1997 Annual Report Download - page 17

1997, and the results of their operations and their cash flows for each of the
three fiscal years in the period ended February 1, 1998, in conformity with
generally accepted accounting principles. These financial statements are the
responsibility of the Company's management; our responsibility is to express an
opinion on these financial statements 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.
PRICE WATERHOUSE LLP
Austin, Texas
February 16, 1998
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DELL COMPUTER CORPORATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IN MILLIONS)
ASSETS
FEBRUARY 1, FEBRUARY 2,
1998 1997
----------- -----------
Current assets:
Cash...................................................... $ 320 $ 115
Marketable securities..................................... 1,524 1,237
Accounts receivable, net.................................. 1,486 903
Inventories............................................... 233 251
Other..................................................... 349 241
------ ------
Total current assets.............................. 3,912 2,747
Property, plant and equipment, net.......................... 342 235
Other....................................................... 14 11
------ ------
Total assets...................................... $4,268 $2,993
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable.......................................... $1,643 $1,040
Accrued and other......................................... 1,054 618
------ ------
Total current liabilities......................... 2,697 1,658
Long-term debt.............................................. 17 18
Deferred revenue on warranty contracts...................... 225 219
Other....................................................... 36 13
Commitments and contingent liabilities...................... -- --
------ ------
Total liabilities................................. 2,975 1,908
------ ------
Put options................................................. -- 279
------ ------
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: 644 and 692,
respectively........................................... 747 195
Retained earnings......................................... 607 647
Other..................................................... (61) (36)
------ ------
Total stockholders' equity........................ 1,293 806
------ ------
$4,268 $2,993
====== ======
The accompanying notes are an integral part of these consolidated financial
statements.
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DELL COMPUTER CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(IN MILLIONS)