BUS 312
Fall Semester 2018
Course Project
Using the Apple, Inc. financial statements, (a) assess the financial health of the company in terms
of its liquidity, solvency, profitability, as well as its value in the market place.
(b) Discuss the company's financial health using ratios derived in (a).
For Twelve Months ended in September
2016
2017
2018
une femme
Liquidity
Current ratio
Quick ratio
Working capital
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WAKAVASTAMAINAVY
WASTA
w Post
Solvency
Debt-Asset ratio
Debt-Equity Ratio
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BUDUAALIYA WATZaraw XOFFSA istih
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Profitability
Return on Assets
Return on Equity
Return on Sales
Gross Margin
NA
AWMUபலமUNI
Market
Price earnings
Dividend yield
Dividend payout
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Growth rates (Use 2015 amounts as base)
Sales
Earnings
Dividends
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Net sales
Cost of sales
Twelve Months Ended
September 29, September 30, September 24,
September 26,
2018
2017
2016
2015
265,595 5 229,234 $ 215,639 $ 233,715
163,756 141,048
131,376
140,089
101,839
88,186
84,263
93,626
(1)
Gross margin
Operating expenses:
Research and development")
Selling, general and administrative
Total operating expenses
(1)
14,236
16,705
30,941
11,581
15,261
10,045
14,194
24,239
8,067
14,329
26,842
22,396
60,024
1,348
71,230
1,285
Operating income
Other income/(expense), net
Income before provision for income taxes
Provision for income taxes
Net income
70,898
2,005
72,903
13,372
61,344
2,745
64,089
15,738
61,372
15,685
45,687 $
72,515
19,121
53,394
59,591 $
48,351 $
Earnings per share:
Basic
12:01 $
9.27 $
8.35 $
9.28
Shares used in computing eamings per share:
Basic
Diluted
4,955,377
5,000,109
5,217,242
5,251,692
5,470,820
5,500,281
5,753,421
5,793,069
Cash dividends declared per share
$
2.72 $
2.40 $
2.18 $
1.98
13
22
$226
$ 150
closing met price
$4109
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
September 30,
2017
September 24,
2016
September 26,
2015
$
ASSETS:
Current assets:
Cash and cash equivalents
Short-term marketable securities
Accounts receivable, less allowances of $58 and $53, respectively
Inventories
Vendor non-trade receivables
Other current assets
Total current assets
20,289 $
53,892
17,874
4,855
17,799
13,936
128,645
20,484
46,671
15,754
2,132
13,545
8,283
106,869
21,120
20,481
16,849
2,349
13,494
15,085
-
89,378
Long-term marketable securities
Property, plant and equipment, net
Other non-current assets intangibles
Total assets
194,714
33,783
19/77
375,319 $
170,430
27,010
11311.
321,686
164,065
22,471
14431
290,345
$
LIABILITIES AND SHAREHOLDERS' EQUITY:
$
$
35,490
Current liabilities:
Accounts payable
Accrued expenses
Deferred revenue
Commercial paper
Current portion of long-term debt
Total current liabilities
49,049 $
25,744
7,548
11,977
6,496
37,294
22,027
8,080
8,105
3,500
25,181
8,940
8,499
2,500
100,814
79,006
80,610
Deferred revenue, non-current
Long-term debt
Other non-current liabilities
Total liabilities
2,836
97,207
40,415
2,930
75,427
36,074
3,624
53,329
33,427
170,990
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; 5,126,201,15,336,166 and 5,578,753 shares issued and outstanding,
Retained earnings
Other
Total shareholders' equity
Total liabilities and shareholders' equity
35,867
98,330
(150)
31,251
96,364
634
27,416
92,284
(345)
119,355
134,047
375,319 $
128,249
321,686 $
$
290,345
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
September 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
25,913
40,388
23,186
3,956
25,809
12,087
131,339
Non-current assets:
Marketable securities
Property, plant and equipment, net
Other non-current assets
Total non-current assets
Total assets
170,799
41,304
Sood
22,283
234,386
$
365,725
LIABILITIES AND SHAREHOLDERS' EQUITY:
$
Current liabilities:
Accounts payable
Other current liabilities
Deferred revenue
Commercial paper
Term debt
Total current liabilities
55,888
32,687
7,543
11,964
8,784
116,866
2,797
Non-current liabilities:
Deferred revenue
Term debt
Other non-current liabilities
Total non-current liabilities
Total liabilities
93,735
45,180
141,712
258,578
Commitmer and contingencies
Shareholders' equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares
authorized; 4,754,986 and 5,126,201 shares issued and outstanding, respectively
Retained earnings
Other
Total shareholders' equity
Total liabilities and shareholders' equity
40,201 -
70,400
(3,454)
107,147
365,725
$
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