In your web browser, search for the investor relations page of a public company you are interested in (e.g., Papa John’s investor relations). Select SEC Filings or Annual Report or Financials to obtain the 10-K for the most recent year available.*

Required:
1. Go to the Income Statement (Statement of Income, Statement of Earnings, Statement of Operations). For the most recent year:
a. What is (are) the major revenue accounts(s)?
b. What percentage is each to total operating revenues? (Calculated as Revenue A/Total Operating Revenues)
c. What is (are) the three top expense account(s) by size?
d. What is the percentage of each to total operating expenses? (Calculated as Expense A/Total Operating Expenses)
2. Describe the company’s revenue recognition policy, if reported (usually in the Significant Accounting Policies note to the financial statements), and how it has followed the conditions of the revenue recognition principle.
3. Ratio Analysis:
a. What does the net profit margin ratio measure in general?
b. Compute the net profit margin ratio for each of the last three years.
c. What do your results suggest about the company over time?