note: P & G

P&G 2011 June

sales $ 82 billion
Income from operating $ 15.8 bil
Net income       $11.7 bil

Weak Cash flows from operating activities
Surge in Inventories
=> manipulate?
COGS reverse effect
=> SG&A 25,973 / 82,559 = 31.4%

Fabric Care 22%
Beauty 20%
Baby Care & Family Care 18%

Accruals to Total Assets 1.35%
Operating accruals to CA 5.33%