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1、a.CompanyBackgroundAmazon.com,Inc.wasfoundedin1994andisheadquarteredinSeattle,Washington.NASDAQ Ernst&YoungLLP,IndependentRegisteredPublicAccountingFirm,Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,theconsolidatedf
2、inancialpositionofAmazon.com,Inc.atDecember 31,2010and2009,andtheconsolidatedresultsofitsoperationsanditscashflowsforeachofthethreeyearsintheperiodendedDecember 31,2010,inconformitywithU.S.generallyacceptedaccountingprinciples.Also,inouropinion,therelated
3、financialstatementschedule,whenconsideredinrelationtothebasicfinancialstatementstakenasawhole,weexpressedanunqualifiedopinion.Ownwords:theauditorsconductedtheconclusionnotonlyinaccordancewiththestandardsofthe PublicCompanyAccountingOversightBoard(UnitedSt
4、ates),butalsobasedoncriteriaestablishedinInternalControl,soweagreewiththeopinionofunqualified.Barnes&Noble,InceBayInc.224.74byOCT7ThecompanyservesconsumersthroughitsretailWebsitesandfocusesonselection,price,andconvenience.Italsooffersprogramsthatenablesel
5、lerstoselltheirproductsonitsWebsites,andtheirownbrandedWebsites.BeginningwithitsexpansionintotheUKandGermanyin1998,andsubsequentlytoFrance(2000),Japan(2000),Canada(2002),andChina(2004),Amazonhasexpandeditsgeographicfootprintintotheworld’smajore-commercema
6、rketsBFinancialStatementsSummaryProfitabilityRatiosTrendAnalysisGrossprofitmargin:theGrossprofitmarginforAmazonoverthelastthreeyearswas22.28in2008,22.57in2009,and22.35in2010.Thevarianceislessthan0.29whichmeanstheGrossprofitmarginremainsatastablelevel.Retu
7、rnonassets:ForAmazon,theReturnonAssetswas8.69in2008and8.15in2009.Thenumberdownsto7.07in2010.TheROAratiowasdecreasinginarowduringthethreesuccessiveyears,whichisnotagoodsignbecausethecompanyisnotusingitseffectivelytoturnthemoneyithasinvestedintonetincome.Re
8、turnoncommonequity:ThereturnonequityofAmazonwas33.25%in2008,whilethefiguresawahugedropin2010,whichisonly22.75%.In2010,thefiguredecreasedtoonly19.01%.ThisfiguresshowthatAmazonisnotfullyutilizingitsmoneythatthestockho