please help with (A1) for the years 2016 & 2015. Thank you!
(1) Make a 5-year trend analysis, using 2015 as the base year, of net sales and net income. (Enter amounts in millions. Round percentage answers to 0 decimal places, e.g. 12%.) APPLE, INC. honest that corresonar Trend Analysis of Net Sales and Net Earnings For the Five Years Ended 2019 Base Period 2015-($ in millions) 2019 2018 2017 Net Sales 2014 265599 229,234 Net Sales Trend 11 % 114 96 98 96 55.256 Net Income 59.531 $ 103 111 9 % 21 Net Income Trend %% Make a 5-year trend analysis, using 2015 as the base year, of net sales and net income. (Enter amounts in millions. Round Bercentage answers to o decimal places, e.g. 12%.) APPLE, INC. Trend Analysis of Net Sales and Net Earnings partir For the Five Years Ended 2019 Base Period 2015-($ in millions) 2017 2018 2016 2015 265,595 229.234 $ % 98 % % 96 39:531 ITTI $ 48,351 $ 100 $ 111 % 91 % 96 96 (b) Compute for 2019 and 2018 the debt to assets ratio and times interest earned. (Round time interest earned answers to 1 decimal place, e.g. 15.2.) 2019 2018 Debt to Assets Ratio 73 96 71 % Times Interest Earned 19.4 times 23.5 times (c1) Compute for 2019 and 2018 the profit margin, asset turnover, return on assets, and return on common stockholders equity. How would you evaluate Apple's profitability? Total assets at September 30, 2017, were $375,319 million and total stockholders' equity at September 30, 2017 was $134,047 million (Round Asset turnover to 2 decimal places, e.g. 15.25 and all other answers to 1 decimal place, e.8 15.2%) 2019 2018 Profit Margin 212 % % Asset Turnover 0.74 times 0.72 times Return on Assets 115.2 % 161 96 Return on Common Stockholders' Equity 550 % % > Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 28, September 29, September 30, 2019 2018 2017 Net sales: Products 213,883 225,847 $ 196,534 Services 46,291 39,748 32,700 Total net sales 260,174 265,595 229,234 Cost of sales: Products Services Total cost of sales Gross margin 144.996 16,786 161,782 98,392 148,164 15,592 163.756 101,839 126,337 14,711 141,048 88,186 Operating expenses: Research and development Selling, general and administrative Total operating expenses 16,217 18,245 14,236 16,705 30,941 11,581 15,261 26,842 34,462 Operating income Other income/expense), net Income before provision for income taxes Provision for income taxes Net income 63,930 1,807 65.737 10,481 $ 55,256 70,898 2,005 72,903 13,372 59,531 61,344 2,745 64,089 15.738 $ 48,351 $ a AA E Earnings per share: Basic Diluted 11.97 11.89 12.01 9.27 $ 11.91 9.21 Shares used in computing earnings per share: Basic Diluted 4,617,834 4,648,913 4,955.377 5,000,109 5,217,242 5,251,692 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Years ended September 28, September 29, September 30, 2019 2018 2017 Net income $ 55,256 $ 59,531 $ 48,351 Other comprehensive income/loss): Change in foreign currency translation, net of tax (408) (525) 224 (661) 523 1,315 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives Adjustment for net (gains) losses realized and included in net income Total change in unrealized gains/losses on derivative instruments 23 382 (1,477) (638) 905 (162) 3,802 (3,407) (782) Change in unrealized gains/losses on marketable securities, net of tax: Change in fair value of marketable securities Adjustment for net (gains)/losses realized and included in net income Total change in unrealized gains/losses on marketable securities 25 1 (64) 3,827 (3,406) (846) Total other comprehensive income/(loss) Total comprehensive income 2,781 $ 58,037 (3,026) $ 56,505 (784) $ 47,567 See accompanying Notes to Consolidated Financial Statements, Apple Inc. CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and par value) September September 28, 2019 29, 2018 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 48,844 $ 25,913 51,713 40,388 22,926 23,186 4,106 3,956 22,878 25,809 12,352 12,087 162,819 131,339 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 105,341 170,799 37,378 41,304 32,978 22,283 175,697 234,386 338,516 $ 365,725 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities $ 46,236 37.720 5,522 55,888 33.327 5.966 5,980 11,964 8,784 10,260 105.718 115.929 Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities 91,807 50,503 142,310 248,028 93.735 48,914 142,649 258,578 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,443,236 and 4.754,986 shares issued and outstanding, respectively Retained earnings 45,174 45,898 40,201 70,400 Retained earnings 45,898 70,400 Accumulated other comprehensive income/(loss) (584) (3,454) Total shareholders' equity 90,488 107,147 Total liabilities and shareholders' equity $ 338,516 $ 365,725 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in millions, except per share amounts) Years ended September 28, September 29, 2019 2018 September 30, 2017 Total shareholders' equity, beginning balances $ 107,147 $ 134,047 $ 128,249 31,251 40,201 781 35,867 669 555 Common stock and additional paid-in capital: Beginning balances Common stock issued Common stock withheld related to net share settlement of equity awards Share-based compensation Tax benefit from equity awards, including transfer pricing adjustments Ending balances (2,002) 6,194 (1,778) 5,443 (1,468) 4,909 620 35,867 45,174 40,201 Retained earnings: Beginning balances Net income Dividends and dividend equivalents declared 70,400 55,256 (14.120) 98,330 59.531 (13.725) 96,364 48,351 (12.802) a A (12,803) (14,129) (13.735) Dividends and dividend equivalents declared Common stock withheld related to net share settlement of equity awards Common stock repurchased Cumulative effects of changes in accounting principles Ending balances (1,029) (67,101) (948) (73,056) (581) (33,001) 278 2,501 45,898 70,400 98,330 Accumulated other comprehensive income/(loss): Beginning balances Other comprehensive income/(loss) Cumulative effects of changes in accounting principles Ending balances (3,454) 2,781 (150) (3,026) 634 (784) 89 (584) (278) (3,454) (150) Total shareholders' equity, ending balances 90,488 $ 107,147 $ 134,047 Dividends and dividend equivalents declared per share or RSU See accompanying Notes to Consolidated Financial Statements. 3.00 2.72 2.40 Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Years ended September 28, 2019 September 29, 2018 September 30, 2017 Cash, cash equivalents and restricted cash, beginning L. Years ended September 28, 2019 September 29, 2018 September 30, 2017 $ 25,913 $ 20,289 $ 20,484 55,256 59,531 48,351 12,547 6,068 (340) (652) 10,903 5.340 (32,590) (444) 10,157 4,840 5.966 (166) Cash, cash equivalents and restricted cash, beginning balances Operating activities: Net income Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization Share-based compensation expense Deferred income tax expense/(benefit) Other Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities: Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments for acquisition of property, plant and equipment Pauments made in connection with business 245 (289) 2,931 873 (1,923) (625) (4.700) 69,391 (5.322) 828 (8,010) (423) 9,175 (3) 38,449 77.434 (2,093) (2,723) (4,254) (5.318) 8,966 (593) 1,092 64,225 (71,356) (39,630) 40,102 56,988 55,881 47,838 (159,486) 31,775 94,564 (10,495) (13.313) (12,451) OVUA 4775 94,564 (12,451) (329) (521) 126 (124) (46,446) 45,896 555 Proceeds from sales of marketable securities 56,988 47,838 Payments for acquisition of property, plant and equipment (10,495) (13,313) Payments made in connection with business acquisitions, net (624) (721) Purchases of non-marketable securities (1,001) (1,871) Proceeds from non-marketable securities 1,634 353 Other (1,078) (745) Cash generated by/(used in) investing activities 16,066 Financing activities: Proceeds from issuance of common stock 781 669 Payments for taxes related to net share settlement of equity awards (2,817) (2,527) Payments for dividends and dividend equivalents (14,119) (13,712) Repurchases of common stock (66,897) (72,738) Proceeds from issuance of term debt, net 6,963 6,969 Repayments of term debt (8,805) (6,500) Proceeds from/(Repayments of) commercial paper, net (5,977) (37) Other (105) Cash used in financing activities (90,976) (87,876) Increase/(Decrease) in cash, cash equivalents and restricted cash 24,311 5,624 Cash, cash equivalents and restricted cash, ending balances $ 50,224 $ 25,913 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 15,263 $ 10,417 Cash paid for interest $ 3,423 $ 3,022 See accompanying Notes to Consolidated Financial Statements. (1,874) (12,769) (32,900) 28,662 (3,500) 3,852 (17,974) (195) $ 20,289 $ 11,591 2,092 (1) Make a 5-year trend analysis, using 2015 as the base year, of net sales and net income. (Enter amounts in millions. Round percentage answers to 0 decimal places, e.g. 12%.) APPLE, INC. honest that corresonar Trend Analysis of Net Sales and Net Earnings For the Five Years Ended 2019 Base Period 2015-($ in millions) 2019 2018 2017 Net Sales 2014 265599 229,234 Net Sales Trend 11 % 114 96 98 96 55.256 Net Income 59.531 $ 103 111 9 % 21 Net Income Trend %% Make a 5-year trend analysis, using 2015 as the base year, of net sales and net income. (Enter amounts in millions. Round Bercentage answers to o decimal places, e.g. 12%.) APPLE, INC. Trend Analysis of Net Sales and Net Earnings partir For the Five Years Ended 2019 Base Period 2015-($ in millions) 2017 2018 2016 2015 265,595 229.234 $ % 98 % % 96 39:531 ITTI $ 48,351 $ 100 $ 111 % 91 % 96 96 (b) Compute for 2019 and 2018 the debt to assets ratio and times interest earned. (Round time interest earned answers to 1 decimal place, e.g. 15.2.) 2019 2018 Debt to Assets Ratio 73 96 71 % Times Interest Earned 19.4 times 23.5 times (c1) Compute for 2019 and 2018 the profit margin, asset turnover, return on assets, and return on common stockholders equity. How would you evaluate Apple's profitability? Total assets at September 30, 2017, were $375,319 million and total stockholders' equity at September 30, 2017 was $134,047 million (Round Asset turnover to 2 decimal places, e.g. 15.25 and all other answers to 1 decimal place, e.8 15.2%) 2019 2018 Profit Margin 212 % % Asset Turnover 0.74 times 0.72 times Return on Assets 115.2 % 161 96 Return on Common Stockholders' Equity 550 % % > Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 28, September 29, September 30, 2019 2018 2017 Net sales: Products 213,883 225,847 $ 196,534 Services 46,291 39,748 32,700 Total net sales 260,174 265,595 229,234 Cost of sales: Products Services Total cost of sales Gross margin 144.996 16,786 161,782 98,392 148,164 15,592 163.756 101,839 126,337 14,711 141,048 88,186 Operating expenses: Research and development Selling, general and administrative Total operating expenses 16,217 18,245 14,236 16,705 30,941 11,581 15,261 26,842 34,462 Operating income Other income/expense), net Income before provision for income taxes Provision for income taxes Net income 63,930 1,807 65.737 10,481 $ 55,256 70,898 2,005 72,903 13,372 59,531 61,344 2,745 64,089 15.738 $ 48,351 $ a AA E Earnings per share: Basic Diluted 11.97 11.89 12.01 9.27 $ 11.91 9.21 Shares used in computing earnings per share: Basic Diluted 4,617,834 4,648,913 4,955.377 5,000,109 5,217,242 5,251,692 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Years ended September 28, September 29, September 30, 2019 2018 2017 Net income $ 55,256 $ 59,531 $ 48,351 Other comprehensive income/loss): Change in foreign currency translation, net of tax (408) (525) 224 (661) 523 1,315 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives Adjustment for net (gains) losses realized and included in net income Total change in unrealized gains/losses on derivative instruments 23 382 (1,477) (638) 905 (162) 3,802 (3,407) (782) Change in unrealized gains/losses on marketable securities, net of tax: Change in fair value of marketable securities Adjustment for net (gains)/losses realized and included in net income Total change in unrealized gains/losses on marketable securities 25 1 (64) 3,827 (3,406) (846) Total other comprehensive income/(loss) Total comprehensive income 2,781 $ 58,037 (3,026) $ 56,505 (784) $ 47,567 See accompanying Notes to Consolidated Financial Statements, Apple Inc. CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and par value) September September 28, 2019 29, 2018 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 48,844 $ 25,913 51,713 40,388 22,926 23,186 4,106 3,956 22,878 25,809 12,352 12,087 162,819 131,339 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 105,341 170,799 37,378 41,304 32,978 22,283 175,697 234,386 338,516 $ 365,725 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities $ 46,236 37.720 5,522 55,888 33.327 5.966 5,980 11,964 8,784 10,260 105.718 115.929 Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities 91,807 50,503 142,310 248,028 93.735 48,914 142,649 258,578 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,443,236 and 4.754,986 shares issued and outstanding, respectively Retained earnings 45,174 45,898 40,201 70,400 Retained earnings 45,898 70,400 Accumulated other comprehensive income/(loss) (584) (3,454) Total shareholders' equity 90,488 107,147 Total liabilities and shareholders' equity $ 338,516 $ 365,725 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in millions, except per share amounts) Years ended September 28, September 29, 2019 2018 September 30, 2017 Total shareholders' equity, beginning balances $ 107,147 $ 134,047 $ 128,249 31,251 40,201 781 35,867 669 555 Common stock and additional paid-in capital: Beginning balances Common stock issued Common stock withheld related to net share settlement of equity awards Share-based compensation Tax benefit from equity awards, including transfer pricing adjustments Ending balances (2,002) 6,194 (1,778) 5,443 (1,468) 4,909 620 35,867 45,174 40,201 Retained earnings: Beginning balances Net income Dividends and dividend equivalents declared 70,400 55,256 (14.120) 98,330 59.531 (13.725) 96,364 48,351 (12.802) a A (12,803) (14,129) (13.735) Dividends and dividend equivalents declared Common stock withheld related to net share settlement of equity awards Common stock repurchased Cumulative effects of changes in accounting principles Ending balances (1,029) (67,101) (948) (73,056) (581) (33,001) 278 2,501 45,898 70,400 98,330 Accumulated other comprehensive income/(loss): Beginning balances Other comprehensive income/(loss) Cumulative effects of changes in accounting principles Ending balances (3,454) 2,781 (150) (3,026) 634 (784) 89 (584) (278) (3,454) (150) Total shareholders' equity, ending balances 90,488 $ 107,147 $ 134,047 Dividends and dividend equivalents declared per share or RSU See accompanying Notes to Consolidated Financial Statements. 3.00 2.72 2.40 Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Years ended September 28, 2019 September 29, 2018 September 30, 2017 Cash, cash equivalents and restricted cash, beginning L. Years ended September 28, 2019 September 29, 2018 September 30, 2017 $ 25,913 $ 20,289 $ 20,484 55,256 59,531 48,351 12,547 6,068 (340) (652) 10,903 5.340 (32,590) (444) 10,157 4,840 5.966 (166) Cash, cash equivalents and restricted cash, beginning balances Operating activities: Net income Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization Share-based compensation expense Deferred income tax expense/(benefit) Other Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities: Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments for acquisition of property, plant and equipment Pauments made in connection with business 245 (289) 2,931 873 (1,923) (625) (4.700) 69,391 (5.322) 828 (8,010) (423) 9,175 (3) 38,449 77.434 (2,093) (2,723) (4,254) (5.318) 8,966 (593) 1,092 64,225 (71,356) (39,630) 40,102 56,988 55,881 47,838 (159,486) 31,775 94,564 (10,495) (13.313) (12,451) OVUA 4775 94,564 (12,451) (329) (521) 126 (124) (46,446) 45,896 555 Proceeds from sales of marketable securities 56,988 47,838 Payments for acquisition of property, plant and equipment (10,495) (13,313) Payments made in connection with business acquisitions, net (624) (721) Purchases of non-marketable securities (1,001) (1,871) Proceeds from non-marketable securities 1,634 353 Other (1,078) (745) Cash generated by/(used in) investing activities 16,066 Financing activities: Proceeds from issuance of common stock 781 669 Payments for taxes related to net share settlement of equity awards (2,817) (2,527) Payments for dividends and dividend equivalents (14,119) (13,712) Repurchases of common stock (66,897) (72,738) Proceeds from issuance of term debt, net 6,963 6,969 Repayments of term debt (8,805) (6,500) Proceeds from/(Repayments of) commercial paper, net (5,977) (37) Other (105) Cash used in financing activities (90,976) (87,876) Increase/(Decrease) in cash, cash equivalents and restricted cash 24,311 5,624 Cash, cash equivalents and restricted cash, ending balances $ 50,224 $ 25,913 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 15,263 $ 10,417 Cash paid for interest $ 3,423 $ 3,022 See accompanying Notes to Consolidated Financial Statements. (1,874) (12,769) (32,900) 28,662 (3,500) 3,852 (17,974) (195) $ 20,289 $ 11,591 2,092
