1. What is the amount of cash and cash equivalents on hand and in bank accounts that the company has?
2. What is the amount of goods the company acquired to resell to customers?
3. What amount is owed to the company from customers? (Net)
4. Is their investment in Property, Plant and Equipment increasing or decreasing?
5. How much did their investment in Property, Plant and Equipment increase or decrease?
6. What is the amount of Total Current Assets?
7. What is Apples largest single asset?
8. What is the total amount of liabilities that are due within one year or operating cycle?
9. What is the amount of total liabilities?
10. Did Retained Earnings increase or decrease from the prior year?
11. How much did their Retained Earnings increase or decrease from the prior year? Be sure to use a comma, but no dollar sign or cents. You do not need to use parenthesis or a negative sign.
12. What is the name of the companys Income Statement?
13. What are the total net sales?
14. What is the cost of products sold?
15. What is the gross margin?
16. What is the amount of selling, general and administrative expense?
17. What is the amount of net earnings/income for the current year?
18. What is the dollar amount that net earnings/income has increased or decreased from the previous year? Remember use a comma, but no dollar sign or cents.
19. What is the beginning Retained Earnings balance?
20. What is the ending Retained Earnings balance?
21. What is the amount of Dividends and dividend equivalents declared for the year end?
22. What is the amount of Common stock repurchased for the year?
23. Describe how Apple determines its fiscal year.
24. What inventory method is used for inventories?
25. What depreciation method is used for Property, Plant and Equipment?
26. What is the estimated useful life for Buildings?
27. What is the estimated useful life for Machinery and equipment ?

Current Ratio: (text book pages 500, 505)

a. Calculate the Current ratio. (SHOW YOUR WORK TO RECEIVE PARTIAL CREDIT. Calculate ratio to three decimal places.) b. Does this ratio appear favorable or unfavorable? Why?

29. Profit Margin Ratio: (text book pages 503, 505)

a. Calculate the Profit Margin ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.) b. Does this ratio appear favorable or unfavorable? Why?

30. Accounts Receivable Turnover and Days Sales Uncollected (text book pages 501-502, 505)

a. Calculate the Accounts Receivable Turnover ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.)

b. Calculate the Days Sales Uncollected ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.) Does this ratio appear favorable or unfavorable? Why?

31. Inventory Turnover and Days Sales in Inventory (text book pages 501-502, 505) Use Total Cost of Sales for Cost of Goods Sold.

a. Calculate the Inventory Turnover ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.)

b. Calculate the Days Sales in Inventory ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.) Does this ratio appear favorable or unfavorable? Why?

32. Total Asset Turnover (text book pages 502, 505)

Calculate the Total Asset Turnover ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.)

33. Debt Ratio: (text book pages 502-503, 505)

a. Calculate the Debt ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.) b. What does this ratio tell you about Apple's risk?

34. Debt-to-Equity Ratio: (text book pages 502-503, 505)

a. Calculate the Debt-to-Equity ratio. (SHOW YOUR WORK. Calculate ratio to three decimal places.) b. What does this ratio tell you about Apple's capital structure and risk?

35. Market Price, Dividend Yield & Price-Earnings Ratios (pages 504-505)

a. What is the current market price of the stock? (Give the date that you found this price). (This is not in the financial statements provided.) It is noted on Apples website or go to www.yahoofinance.com to get the quote. The ticker symbol for Apple is AAPL. b. Calculate the Dividend Yield. (SHOW YOUR WORK. Calculate ratio to three decimal places.) c. Calculate the Price-Earnings Ratio. Use Basic Earnings Per Share. (SHOW YOUR WORK. Calculate ratio to three decimal places.) d, If analysts give a range of higher than 20-25 for a stock to be considered overpriced and less than 5-8 for a stock to be considered underpriced, how is Apple doing?

36. Summary:

Your superior asks you to analyze Apples financial condition (liquidity, efficiency, solvency, profitability) based on the financial statements and ratios presented in this case. Would you recommend it as a worthy investment (yes or no)? Support your opinion using five answers from questions #29 -36 above. Your response should be at least 5-6 sentences.

Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) See accompanying Notes to Consolidated Financial Statements. September 24, September 25, 2022 2021 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade recelvables Other current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities \begin{tabular}{rrr} $23,646 & $ & 34,940 \\ 24,658 & 27,699 \\ 28,184 & 26,278 \\ 4,946 & 6,580 \\ 32,748 & 25,228 \\ 21,223 & 14,111 \\ \hline 135,405 & & 134,836 \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|c|}{120,805} & & 127,877 \\ \hline & 42,117 & & 39,440 \\ \hline & 54,428 & & 48,849 \\ \hline & 217,350 & & 216,166 \\ \hline$ & 352,755 & $ & 351,002 \\ \hline \end{tabular} Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities \begin{tabular}{rrr} $44,115 & $ & 54,763 \\ 60,845 & 47,493 \\ 7,912 & 7,612 \\ 9,982 & 6,000 \\ 11,128 & 9,613 \\ \hline 153,982 & & 125,481 \end{tabular} Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively Retained earnings/(Accumulated deficit) Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity \begin{tabular}{|c|c|c|c|} \hline & 64,849 & & 57,365 \\ \hline & (3,068) & & 5,562 \\ \hline & (11,109) & & 163 \\ \hline & 50,672 & & 63,090 \\ \hline$ & 352,755 & $ & 351,002 \\ \hline \end{tabular} Total shareholders' equity, beginning balances 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 Ending balances Retained earnings/(Accumulated deficit): Beginning balances Net income Dividends and dividend equivalents declared Common stock withheld related to net share settlement of equity awards Common stock repurchased Cumulative effect of change in accounting principle Ending balances Accumulated other comprehensive income/(loss): Beginning balances Other comprehensive income/(loss) Cumulative effect of change in accounting principle Ending balances Total shareholders' equity, ending balances Dividends and dividend equivalents declared per share or RSU \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Years ended } \\ \hline & 22 & & \begin{tabular}{l} mber 25, \\ 021 \end{tabular} & \begin{tabular}{c} September 26 , \\ 2020 \end{tabular} \\ \hline$ & 63,090 & $ & 65,339 & 90,488 \\ \hline \end{tabular} \begin{tabular}{rrr} 57,365 & 50,779 & 45,174 \\ 1,175 & 1,105 & 880 \\ (2,971) & (2,627) & (2,250) \\ 9,280 \\ \hline 64,849 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & 5,562 & & 14,966 & & 45,898 \\ \hline & 99,803 & & 94,680 & & 57,411 \\ \hline & (14,793) & & (14,431) & & (14,087) \\ \hline & (3,454) & & (4,151) & & (1,604) \\ \hline & (90,186) & & (85,502) & & (72,516) \\ \hline & - & & - & & (136) \\ \hline & (3,068) & & 5,562 & & 14,966 \\ \hline & 163 & & (406) & & (584) \\ \hline & (11,272) & & 569 & & 42 \\ \hline & - & & - & & 136 \\ \hline & (11,109) & & 163 & & (406) \\ \hline$ & 50,672 & $ & 63,090 & $ & 65,339 \\ \hline$ & 0.90 & $ & 0.85 & $ & 0.795 \\ \hline \end{tabular} See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements Note 1 - Summary of Significant Accounting Policies Basis of Presentation and Preparation The consolidated financial statements inciude the accounts of Appie inc. and its wholly owned subsidiaries (collectively "Apple" or the "Company"). Intercompany accounts and transactions have been eliminated. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the consolidated financiai statements and accompanying notes have been reclassified to conform to the current period's presentation. The Company's flscal year is the 52- or 53-week'period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company's fiscal quarters with calendar quarters, which will occur in the first quarter of the Company's fiscal year ending September 30, 2023. The Company's fiscal years 2022, 2021 and 2020 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company's fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Revenue Recognition Net saies consist of revenue from the saie of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or sevices are transferred to its customers. For most of the Company's Products net sales, control transfers when products are shipped. For the Company's Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable. The Company records reductions to Products net saies reiated to future product returns, price protection and other customer incentive programs based on the Company's expectations and historical experience. For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone seling prices ("SSPs"). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company's best estimates of what the selling prices of the performance obligations would be if they were sold reguiarly on a stand-aione basis. The Company's process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation. The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, IPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price; is the hardware and bundled software dellivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud , Siri and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company's estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store and certain digital content sold through the Company's other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remitted to governmentai authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority. Share-Based Compensation The Company generally measures share-based compensation based on the closing price of the Company's common stock on the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. Further information regarding share-based compensation can be found in Note 9, "Benefit Plans." Earnings Per Share The following table shows the computation of basic and diluted earnings per share for 2022, 2021 and 2020 (net income in millions and shares in thousands): The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Cash Equivalents and Marketable Securities All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company's investments in marketable debt securitles have been classifled and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underiying contractual maturity date. The Company's investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The cost of securities sold is determined using the specific identification method. Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) See accompanying Notes to Consolidated Financial Statements. September 24, September 25, 2022 2021 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade recelvables Other current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities \begin{tabular}{rrr} $23,646 & $ & 34,940 \\ 24,658 & 27,699 \\ 28,184 & 26,278 \\ 4,946 & 6,580 \\ 32,748 & 25,228 \\ 21,223 & 14,111 \\ \hline 135,405 & & 134,836 \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|c|}{120,805} & & 127,877 \\ \hline & 42,117 & & 39,440 \\ \hline & 54,428 & & 48,849 \\ \hline & 217,350 & & 216,166 \\ \hline$ & 352,755 & $ & 351,002 \\ \hline \end{tabular} Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities \begin{tabular}{rrr} $44,115 & $ & 54,763 \\ 60,845 & 47,493 \\ 7,912 & 7,612 \\ 9,982 & 6,000 \\ 11,128 & 9,613 \\ \hline 153,982 & & 125,481 \end{tabular} Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively Retained earnings/(Accumulated deficit) Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity \begin{tabular}{|c|c|c|c|} \hline & 64,849 & & 57,365 \\ \hline & (3,068) & & 5,562 \\ \hline & (11,109) & & 163 \\ \hline & 50,672 & & 63,090 \\ \hline$ & 352,755 & $ & 351,002 \\ \hline \end{tabular} Total shareholders' equity, beginning balances 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 Ending balances Retained earnings/(Accumulated deficit): Beginning balances Net income Dividends and dividend equivalents declared Common stock withheld related to net share settlement of equity awards Common stock repurchased Cumulative effect of change in accounting principle Ending balances Accumulated other comprehensive income/(loss): Beginning balances Other comprehensive income/(loss) Cumulative effect of change in accounting principle Ending balances Total shareholders' equity, ending balances Dividends and dividend equivalents declared per share or RSU \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Years ended } \\ \hline & 22 & & \begin{tabular}{l} mber 25, \\ 021 \end{tabular} & \begin{tabular}{c} September 26 , \\ 2020 \end{tabular} \\ \hline$ & 63,090 & $ & 65,339 & 90,488 \\ \hline \end{tabular} \begin{tabular}{rrr} 57,365 & 50,779 & 45,174 \\ 1,175 & 1,105 & 880 \\ (2,971) & (2,627) & (2,250) \\ 9,280 \\ \hline 64,849 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & 5,562 & & 14,966 & & 45,898 \\ \hline & 99,803 & & 94,680 & & 57,411 \\ \hline & (14,793) & & (14,431) & & (14,087) \\ \hline & (3,454) & & (4,151) & & (1,604) \\ \hline & (90,186) & & (85,502) & & (72,516) \\ \hline & - & & - & & (136) \\ \hline & (3,068) & & 5,562 & & 14,966 \\ \hline & 163 & & (406) & & (584) \\ \hline & (11,272) & & 569 & & 42 \\ \hline & - & & - & & 136 \\ \hline & (11,109) & & 163 & & (406) \\ \hline$ & 50,672 & $ & 63,090 & $ & 65,339 \\ \hline$ & 0.90 & $ & 0.85 & $ & 0.795 \\ \hline \end{tabular} See accompanying Notes to Consolidated Financial Statements. Notes to Consolidated Financial Statements Note 1 - Summary of Significant Accounting Policies Basis of Presentation and Preparation The consolidated financial statements inciude the accounts of Appie inc. and its wholly owned subsidiaries (collectively "Apple" or the "Company"). Intercompany accounts and transactions have been eliminated. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the consolidated financiai statements and accompanying notes have been reclassified to conform to the current period's presentation. The Company's flscal year is the 52- or 53-week'period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company's fiscal quarters with calendar quarters, which will occur in the first quarter of the Company's fiscal year ending September 30, 2023. The Company's fiscal years 2022, 2021 and 2020 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company's fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Revenue Recognition Net saies consist of revenue from the saie of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or sevices are transferred to its customers. For most of the Company's Products net sales, control transfers when products are shipped. For the Company's Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable. The Company records reductions to Products net saies reiated to future product returns, price protection and other customer incentive programs based on the Company's expectations and historical experience. For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone seling prices ("SSPs"). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company's best estimates of what the selling prices of the performance obligations would be if they were sold reguiarly on a stand-aione basis. The Company's process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation. The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, IPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price; is the hardware and bundled software dellivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud , Siri and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company's estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store and certain digital content sold through the Company's other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remitted to governmentai authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority. Share-Based Compensation The Company generally measures share-based compensation based on the closing price of the Company's common stock on the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. Further information regarding share-based compensation can be found in Note 9, "Benefit Plans." Earnings Per Share The following table shows the computation of basic and diluted earnings per share for 2022, 2021 and 2020 (net income in millions and shares in thousands): The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Cash Equivalents and Marketable Securities All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company's investments in marketable debt securitles have been classifled and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underiying contractual maturity date. The Company's investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The cost of securities sold is determined using the specific identification method