Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me prepare a sales budget and income statement for 2020 for Apple using the following information? Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Can someone help me prepare a sales budget and income statement for 2020 for Apple using the following information?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts) Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, 2020 2019 2020 2019 Net sales: Products 44,965 $ 46,565 $ 124,069 $ 120,000 Services 13,348 11,450 26,063 22,325 Total net sales (1) 58,313 58,015 150,132 142,325 Cost of sales: Products 31,321 32,047 83,396 80,285 Services 4,622 4,147 9,149 8,188 Total cost of sales 35,943 36,194 92,545 88,473 Gross margin 22,370 21,821 57,587 53,852 Operating expenses: Research and development 4,565 3,948 9,016 7,850 Selling, general and administrative 4,952 4,458 10,149 9,241 Total operating expenses 9,517 8,406 19,165 17,091 Operating income 12,853 13,415 38,422 36,761 Other income/(expense), net 282 378 631 938 Income before provision for income taxes 13,135 13,793 39,053 37,699 Provision for income taxes 1,886 2,232 5,568 6,173 Net income $ 11,249 $ 11,561 $ 33,485 $ 31,526 Earnings per share: Basic $ 2.58 $ 2.47 $ 7.63 $ 6.70 Diluted 2.55 $ 2.46 $ 7.56 $ 6.66 Shares used in computing earnings per share: Basic 4,360,101 4,674,071 4,387,570 4,704,945 Diluted 4,404,691 4,700,646 4,429,648 4,736,949" Net sales by reportable segment: Americas $ 25,473 $ 25,596 $ 66,840 $ 62,536 Europe 14,294 13,054 37,567 33,417 Greater China 9,455 10,218 23,033 23,387 Japan 5,206 5,532 11,429 12,442 Rest of Asia Pacific 3,885 3,615 11,263 10,543 Total net sales $ 58,313 $ 58,015 $ 150,132 $ 142,325 " Net sales by category: iPhone $ 28,962 $ 31,051 $ 84,919 $ 83,033 Mac 5,351 5,513 12,511 12,929 iPad 4,368 4,872 10,345 11,601 Wearables, Home and Accessories 6,284 5,129 16,294 12,437 Services 13,348 11,450 26,063 22,325 Total net sales $ 58,313 $ 58,015 $ 150,132 $ 142,325 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value) March 28, September 28, 2020 2019 ASSETS: Current assets: Cash and cash equivalents $ 40,174 $ 48,844 Marketable securities 53,877 51,713 Accounts receivable, net 15,722 22,926Inventories 3,334 4,106 Vendor non-trade receivables 14,955 22,878 Other current assets 15,691 12,352 Total current assets 143,753 162,819 Non-current assets: Marketable securities 98,793 105,341 Property, plant and equipment, net 35,889 37,378 Other non-current assets 41,965 32,978 Total non-current assets 176,647 175,697 Total assets 320,400 $ 338,516 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable 32,421 $ 46,236 Other current liabilities 37,324 37,720 Deferred revenue 5,928 5,522 Commercial paper and repurchase agreement 10,029 5,980 Term debt 10,392 10,260 Total current liabilities 96,094 105,718 Non-current liabilities: Term debt 89,086 91,807 Other non-current liabilities 56,795 50,503 Total non-current liabilities 145,881 142,310 Total liabilities 241,975 248,028 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,323,987 and 4,443,236 shares issued and outstanding, respectively 48,032 45,174 Retained earnings 33,182 45,898Accumulated other comprehensive income/(loss) (2,789) (584) Total shareholders' equity 78,425 90,488 Total liabilities and shareholders' equity $ 320,400 $ 338,516 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 28, March 30, 2020 2019 Cash, cash equivalents and restricted cash, beginning balances $ 50,224 $ 25,913 Operating activities: Net income 33,485 31,526 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 5,602 6,435 Share-based compensation expense 3,407 3,073 Deferred income tax benefit (651) (124) Other (259) (215) Changes in operating assets and liabilities: Accounts receivable, net 7,284 8,094 Inventories 699 (1,006) Vendor non-trade receivables 7,923 14,616 Other current and non-current assets (8,866) (717)Accounts payable (13,520) (20,024) Deferred revenue 1,223 (540) Other current and non-current liabilities 7,500 (3,273) Cash generated by operating activities 43,827 37,845 Investing activities: Purchases of marketable securities (66,489) (13,854) Proceeds from maturities of marketable securities 39,738 16,880 Proceeds from sales of marketable securities 27,762 22,635 Payments for acquisition of property, plant and equipment (3,960) (5,718) Payments made in connection with business acquisitions, net (1,134) (291) Purchases of non-marketable securities (146) (490) Other (426) 30 Cash generated by/(used in) investing activities (4,655) 19,192 Financing activities: Proceeds from issuance of common stock 430 390 Payments for taxes related to net share settlement of equity awards (1,566) (1,427) Payments for dividends and dividend equivalents (6,914) (7,011) Repurchases of common stock (39,280) (32,498) Proceeds from issuance of term debt, net 2,210 Repayments of term debt (5,250) (2,500) Proceeds from/(Repayments of) commercial paper, net 1,518 (36) Proceeds from repurchase agreement 2,556 Other (51) (51) Cash used in financing activities (46,347) 43,133 Increase/(Decrease) in cash, cash equivalents and restricted cash (7,175) 13,904 Cash, cash equivalents and restricted cash, ending balances $ 43,049 $ 39,817 Supplemental cash flow disclosure: Cash paid for income taxes, net 7,505 $ 9,497 Cash paid for interest 1,689 $ 1,762

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

6th edition

1259864235, 1259864230, 1260159547, 126015954X, 978-1259864230

More Books

Students also viewed these Accounting questions

Question

3. It is the commitment you show that is the deciding factor.

Answered: 1 week ago