Assignment:
Analysis of liquidity and profitability measures of Motorola, Inc. The following summarized data (amounts in millions) are taken from the December 31, 1999 and 1998 comparative financial statements of Motorola, Inc., a manufacturer of wireless communication devices, semiconductors, and advanced electronic systems.
(Amounts expressed in millions) 1999 1998
For the Year Ended December 31:
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,931 $29,398
Manufacturing and other costs of sales . . . . . . . . . . . . . . . . . . . . . 19,169 18,043
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,323 (1,158)
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 817 $ (962)
At December 31:
Assets
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,345 $ 1,453
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699 171
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,125 5,057
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,422 3,745
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,162 2,362
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 743
Property, plant, and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . 9,246 10,049
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,578 5,148
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,327 $28,728
Liabilities and Owners' Equity
Notes payable and current portion of long-term debt . . . . . . . . . . . $ 2,504 $ 2,909
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,015 2,305
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,897 6,226
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,089 2,633
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,481 1,188
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,997 1,245
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,838 1,804
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,572 1,894
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,780 8,254
Non-owner changes to equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,154 270
Total liabilities and stockholders' equity . . . . . . . . . . . . . . . . . . . . . $37,327 $28,728
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