Question
APPLE COMPUTER INC. CONSOLIDATED BALANCE SHEETS FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND SEPTEMBER 30, 2014 (Dollars in thousands) Assets 2015 2014 Current Assets
APPLE COMPUTER INC.
CONSOLIDATED BALANCE SHEETS
FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND SEPTEMBER 30, 2014
(Dollars in thousands)
Assets | 2015 | 2014 |
Current Assets | | |
Cash and Cash Equivalents | $1,203,488 | $676,413 |
Short-Term Investment | 54,368 | 215,890 |
Accounts Receivable, Net of Allowance for Doubtful Accounts of 90,992($83,776 in 2014) | 1,581,347 | 1,381,946 |
Inventories | 1,088,434 | 1,506,638 |
Prepaid Income Taxes | 293,048 | 268,085 |
Other Current Assets | 255,767 | 289,383 |
Property, Plant, and Equipment Land and Buildings | $484,592 | $404,688 |
Machinery and Equipment | 572,728 | 578,272 |
Office Furniture and Equipment | 158,160 | 167,905 |
Leasehold Improvements | 236,708 | 261,792 |
Total Property, Plant, and Equipment | $1,452,188 | $1,412,657 |
Accumulated Depreciation and Amortization | (785,088) | (753,111) |
Net Property, Plant, and Equipment | $667,100 | $659,546 |
Other assets | $159,194 | $173,511 |
Total Assets | $5,302,746 | $5,171,412 |
| | |
Liabilities and Shareholders’ Equity | | |
Current Liabilities | | |
Short – Term Borrowings | $292,200 | $823,182 |
Accounts Payable | 881,717 | 742,622 |
Accrued Compensation and Employee Benefits | 136,895 | 144,779 |
Accrued Marketing and Distribution | 178,294 | 174,547 |
Accrued Restructuring Costs | 58,238 | 307,932 |
Other current Liabilities | 396,961 | 315,023 |
Long Term Debt | 304,472 | 7,117 |
Deferred Liabilities | 670,668 | 629,832 |
Total Liabilities | $2,919,445 | $3,145,034 |
Shareholders’ Equity | | |
Common Stock, no par value; 320,000,000 shares authorised; 119,542,527 shares issued and outstanding in 2015 (116,147,035 shares in 2014) | $297,929 | $203,613 |
Retain Earnings | 2,085,372 | 1,822,765 |
Total Shareholders’ Equity | $2,383,301 | $2,026,378 |
Total Liabilities and Stockholders’ Equity | $5,302,746 | $5,171,412 |
APPLE COMPUTER INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND SEPTEMBER 30, 2014
(In thousands, except per share amounts)
| 2015 | 2014 |
Net Sales | $9,188,748 | $7,976,954 |
Cost and Expenses | | |
Cost of Sales | $6,844,915 | $5,248,834 |
Research and Development | 564,303 | 664,564 |
Selling, General and Administrative | 1,384,111 | 1,632,362 |
Restructuring Cost | (126,855) | 320,856 |
Total costs and Expenses | $8,666,474 | $7,866,616 |
Operating Income | $522,274 | $110,338 |
Interest and other income(expense),Net | (21,988) | 29,321 |
Income Before Income Taxes | $500,286 | $139,659 |
Provision for Income Taxes | 190,108 | 53,070 |
Net Income | 310,178 | 86,589 |
Earnings per Common and Common Equivalent Share | $ 2.61 | $ 0.73 |
Common and Common Equivalent shares used in the Calculations of Earnings per Share | 118,735 | 119,125 |
Required:
Calculate the following ratios for both years.
1. Current Ratio
2. Quick Ratio
3. Receivable Turnover Ratio
4. Average days’ sales uncollected
5. Inventory Turnover
6. Average days’ Inventory on Hand
7. Profit margin
8. Asset Turnover
9. Return on Assets.
10. Return on Equity
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