Go to Amazon.com, select the Investor Relations link near the bottom of the web page, then select Annual Reports, Proxies and Shareholders Letters, and open Amazon’s most recent annual report. Discuss how Amazon’s use of capital leases to purchase property, plant & equipment (PPT) overstates its cash flow metrics, after reading “Notes 1 & 3 to Consolidated Financial Statements” in Amazon’s.com Consolidated Balance Sheet:Note 1—Description of Business and Accounting Policies, and the two subsections titled “Property and Equipment, Net” and “Leases and Asset Retirement Obligations.”Note 3—Property and Equipment
