Question
Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 (LEFT) September 24,
Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value)
September 30, 2017 (LEFT) September 24, 2016 (RIGHT)
ASSETS Current assets Cash and cash equivalents
$ 20,289 $ 20,484 Short-term marketable securities 53,892 46,671
Accounts receivable, less allowances of $58 and $53, respectively 17,874 15,754
Inventories 4,855 2,132
Vendor non-trade receivables 17,799 13,545
Other current assets 13,936 8,283
Total current assets 128,645 106,869
Long-term marketable securities 194,714 170,430
Property, plant and equipment, net 33,783 27,010
Goodwill 5,717 5,414
Acquired intangible assets, net 2,298 3,206
Other non-current assets 10,162 8,757
Total assets $ 375,319 $ 321,686
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Accounts payable $ 49,049 $ 37,294
Accrued expenses 25,744 22,027
Deferred revenue 7,548 8,080
Commercial paper 11,977 8,105
Current portion of long-term debt 6,496 3,500
Total current liabilities 100,814 79,006
Deferred revenue, non-current 2,836 2,930
Long-term debt 97,207 75,427
Other non-current liabilities 40,415 36,074
Total liabilities 241,272 193,437
Commitments and contingencies
Shareholders equity Common stock and additional paid-in capital,
$0.00001 par value: 12,600,000
shares authorized; 5,126,201 and 5,336,166
shares issued and outstanding, respectively 35,867 31,251
Retained earnings 98,330 96,364
Accumulated other comprehensive income (loss) (150) 634
Total shareholders equity 134,047 128,249
Total liabilities and shareholders equity $ 375,319 $ 321,686
September 30, 2017 September 24, 2016
Total comprehensive income $ 47,567 $ 46,666
Net income $ 48,351 $ 45,687 Total assets $ 375,319 $ 321,686 Total liabilities 241,272 193,437 Total liabilities and shareholders equity $ 375,319 $ 321,686 Required: 1. Compute Apples profit margin for fiscal years ended (a) September 24, 2016, and (b) September 26, 2015. 2. Is Apples profit margin on a favorable or unfavorable trend? 3. In 2016, did Apples profit margin outperform or underperform the industry (assumed) average of 12%?
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Accounting For Governments From Budget To Audit How Governments Plan Raise Spend And Then Account For Their Use Of Citizens Money In The 21st Century
Authors: Michael Parry, Jesse Hughes
1st Edition
1092763112, 978-1092763110
