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The following is the 2009 Statement of Shareholders' Equity from Cisco Systems' 2009 annual report. Remember that for comparative purposes, three years are reported in these statements. The 2008 and 2007 portions of the statement are not shown here for brevity of presentation.
Required:
1. What is the purpose of the statement of shareholders' equity?
2. How does Cisco account for its share buybacks?
3. For its share buybacks in fiscal year 2009, was the price Cisco paid for the shares repurchased more or less than the average price at which Cisco had sold the shares previously? Reconstruct the journal entry Cisco used to record the buyback.
4. What is comprehensive income? What is other comprehensive income?
5. What caused the change in Cisco's comprehensive income in fiscal year 2009? What was the amount of Accumulated other comprehensive income (loss) that Cisco reported in its July 28, 2009 balance sheet? Be specific.
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