1. Annual Report Sony Jeffery Williams ACG2021 http://www.sony.net/sonyinfo/ir/

2. Executive Summary  There was a noticeable decrease in sales yet Sony still produced new technology that should save there market during the holidays.  http://www.sony.net/SonyInfo/IR/fin ancial/ar/2004/index.html

3. Part A. Introduction  Nouyuki Idei- Chief Executive officer  Sony Corporation of America, based in New York City  March 31, 2004  Sony manufactures and provides audio, video, and communication products.  The main geographic area of activity is in the United States.

4. Part A. Audit Report  Hiromichi, Fujikata; Akihisa,Onishi; Mitsuoki,Kawamura  The committees current focus is trying to find ways to improve and solidify Sony as the strongest consumer brand.

5. Part A. Stock Market Information  Current Stock Price 36.990 Q1Q2Q3Q4 High35.5138.3037.9642.36 Low23.9229.2332.5934.98

6. Part A. Stock Market Information Cont.  Dividend Per Share 0.113  Date of info March 31,2004  Sony stockholders should hold there stock until there is a noticeable point at which they could sell and make a profit.

7. Part B. Industry Situation and Company Plans  Sony has faced a challenging fiscal year, yet still they increased there sales. New electronic products helped to increase there growth during the year end holiday season. Sony’s future plans is to concentrate on management resources seeing a potential growth in improving products.

8. Part C. Income Statement  Sony uses a multi- step format 20032004 Gross Profit 2,064 Million 1,176 Million Income for Operations 1,545 Million 951 Million Net Income 963 Million 851 Million

9. Part C. Income Statement Cont.  Gross profit, Income for Operations, and Net Income have all shown a decrease in the past year.

10. Part C. Statement of Cash Flows  Cash flows from operations are more than net income for the past two years.  Sony is decreasing through investments, not showing any positive growth through, property, plant, equipment, and other assets.  The company’s primary source of financing is short-term and long-term loans.  Cash has decreased over the past two years.

11. Part C. Balance Sheet AssetsLiabilities Stockholders Equity 200369,75550,56419,191 200432,34028,67522,865 In 2004 Assets and Liabilities have decreased by almost half of what they were in 2003. Stockholder’s Equity had a increase from 2003.

12. Part D. Accounting Policies  I Couldn’t find any significant accounting polices relating to revenue recognition, cash, short-term investments, inventories, and property and equipment.   Index to Notes to Consolidated Financial Statements   Sony Corporation and Consolidated Subsidiaries   Note topics for the Financial Statements   1. Nature of operations 2. Summary of significant accounting policies 3. U.S. dollar amounts   4. Inventories   5. Film costs   6. Related party transactions   7. Marketable securities and securities investments and other   8. Leased assets   9. Goodwill and intangible assets   10. Insurance-related accounts   11. Short-term borrowings and long-term debt   12. Deposits from customers in the banking business   13. Financial instruments   14. Pension and severance plans   15. Stockholders' equity   16. Stock-based compensation plans   17. Restructuring charges and asset impairments   18. Research and development costs, advertising costs and shipping and handling costs   19. Gain on issuances of stock by subsidiaries and equity invested   20. Income taxes   21. Reconciliation of the differences between basic and diluted net income per share (“EPS”)   22. Variable interest entities   23. Commitments and contingent liabilities   24. Business segment information

13. Part E. Financial Analysis Liquidity Ratios  Working Capital 3,665  Current Ratio 1.127  Receivable Turnover 6.670  Days Sales in A/R 0.033  Inventory Turnover 11.098  Days of Inventory 32.88  Ratios in millions of dollars

14. Part E. Financial Analysis Profitability Ratios  Profit Margin 0.012  Asset Turnover 1.98  Return on Assets 0.025  Return on Equity 0.009  Ratios in millions of dollars

15. Part E. Financial Analysis Solvency Ratio  Debt to Equity 0.32  Ratio in millions of dollars

16. Part E. Financial Analysis Market Strength Ratio  Price/earnings per share 40.42  Dividend yield 0.010