2.) Look at the accompanying file with Apple's financial statements from 2010-2012 and explain why Apple used no debt financing during this period
APPLE THREE-YEAR FINANCIAL HISTORY - MY 2012 MFY 2011 AFY 2010 Results of Operations fins milions, except shares in thousands, per share amounts) Net sales: Domestic International Total net sales $60,949 95,559 156,508 $41,812 66,437 108,249 $28,633 36,592 65,225 Costs and operating expenses! Cost of sales 87,846 64.431 39,541 2,429 7,599 10,028 1,782 5517 7,299 Research and development (R&D) Selling, general and administrative (SG&A) Total operating expenses Operating income Other Income/(expense), net Income before provision for income taxes Provision for income taxes 3,381 10,040 13,421 55.241 522 55.763 14,030 33,790 415 34,205 8,283 18,385 155 18,540 4527 Net income $41,733 $25,922 $14,013 Diluted earnings per share Shares used in computing diluted earings per share (in thousands) Cash dividends declared per common share $44.15 945,355 $2.65 $27.68 936,645 50.00 $15.15 924,712 $0.00 Financial Position ($ millions) September 29, 2012 September 24, 2017 September 25, 2010 Cash, cash equivalents and marketable securities Accounts receivable, net Inventories Property, plant and equipment, net Total assets Current liabilities Non-current liabilities Sharehokters' equity $121,251 $10.930 $791 $15,452 $176,064 $38,542 $19,312 $118,210 $51,011 $5,510 $1,051 $4,768 $81,570 $5,369 $776 $7.777 $116,371 $27,970 $11,786 $76,615 $75,183 $20,722 $6,670 $47,791 Other Data (Unaudited) Reguar employees Temporary employees and contractors September 29, 2012 September 24, 2011 September 25, 2010 72.800 60,400 46,600 3,300 2,900 2,800 FY 2012 FY 2011 FY 2010 International net sales as a percentage of total net sales Gross margin as a percentage of not sales R&D as a percentage of net sales SG&A as a percentage of net sales Operating income as a percentage of net sales Retum on not sales Price range per common share 61 43.9946 290 646 354 27% $354.24 - $705.07 6196 40.5% 296 7% 3196 2496 $275.00 - $422.86 5696 39.4% 3% 8% 28% 21% $180.70 - $293.53 APPLE THREE-YEAR FINANCIAL HISTORY - MY 2012 MFY 2011 AFY 2010 Results of Operations fins milions, except shares in thousands, per share amounts) Net sales: Domestic International Total net sales $60,949 95,559 156,508 $41,812 66,437 108,249 $28,633 36,592 65,225 Costs and operating expenses! Cost of sales 87,846 64.431 39,541 2,429 7,599 10,028 1,782 5517 7,299 Research and development (R&D) Selling, general and administrative (SG&A) Total operating expenses Operating income Other Income/(expense), net Income before provision for income taxes Provision for income taxes 3,381 10,040 13,421 55.241 522 55.763 14,030 33,790 415 34,205 8,283 18,385 155 18,540 4527 Net income $41,733 $25,922 $14,013 Diluted earnings per share Shares used in computing diluted earings per share (in thousands) Cash dividends declared per common share $44.15 945,355 $2.65 $27.68 936,645 50.00 $15.15 924,712 $0.00 Financial Position ($ millions) September 29, 2012 September 24, 2017 September 25, 2010 Cash, cash equivalents and marketable securities Accounts receivable, net Inventories Property, plant and equipment, net Total assets Current liabilities Non-current liabilities Sharehokters' equity $121,251 $10.930 $791 $15,452 $176,064 $38,542 $19,312 $118,210 $51,011 $5,510 $1,051 $4,768 $81,570 $5,369 $776 $7.777 $116,371 $27,970 $11,786 $76,615 $75,183 $20,722 $6,670 $47,791 Other Data (Unaudited) Reguar employees Temporary employees and contractors September 29, 2012 September 24, 2011 September 25, 2010 72.800 60,400 46,600 3,300 2,900 2,800 FY 2012 FY 2011 FY 2010 International net sales as a percentage of total net sales Gross margin as a percentage of not sales R&D as a percentage of net sales SG&A as a percentage of net sales Operating income as a percentage of net sales Retum on not sales Price range per common share 61 43.9946 290 646 354 27% $354.24 - $705.07 6196 40.5% 296 7% 3196 2496 $275.00 - $422.86 5696 39.4% 3% 8% 28% 21% $180.70 - $293.53
