Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivaknts 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 marketabke securities 194,714 170,430 Property, plant and equipment, net 33,783 27010 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 Accrued ex penses 49,049 24 37,294 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 2,930 75,427 Defered revenue, non-current 2,836 Long-term debt 97,207 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, $0.0000 1 par value: 12,600,000 shares authorized; 5,126,2201 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 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS In millions, etcepi number of shares which ar rellected in thousands and per share amounts) Seple mber 30, 2017 Seplember 24, 2016 Seplember , 2015 Years ended Netales 229,234 215.699 233J15 Cost of sales Gross mrgin 141,048 88,186 131,376 84,263 140p9 93.626 Opernating expetses Rescarch and development Selling. general and administrative Total operating ex penes 11,581 10,045 15,261 26,842 14,194 24,239 14,329 22,396 71,230 Operating income Oter income (expense), net Income befor pruvision for income taes 61,344 60.024 2,745 1,348 1,285 64,09 15,738 61.372 72,515 19,121 Provision for income taes 15,685 Net income 48,351 45,687 53,394 Eamings per share: Hasic 9.27 8.35 9.28 Diluled 9.21 8.31 9.22 Shares used in computing camings per share: Basic 5,217,242 5,470,820 5,753,421 Dilued 5,251,692 5,500,281 2.18 5,793pe Csh davidends declamd per shae 240 1.98 See accompanying Notes to Consolidated Finuncial Stalements. Apple Inc. CONSOLIDATED STATEMENTIS OF COMPREHENSIVEINCOME (In millions) Yaars ended Seplember 30, 2017 September 24, 2016 Seplem ber 26, 2015 Net income 48,351 45,68 S 53,394 oder comprehensve income oss): Chnge in koreign curency traslation, et of tax efects of S7), S8 and $201, mspectively Change in unrealirod gainsloses on derivalive instruments: Chunge in fairvalue of derivatives, et of lax benefit (expene) of S(478). S(7) ad S(441), repectively Adjudment kr net (gains) loses realined and included in net incom, net of tax expene (benefit) of $475, $131 and S630, espectively Total change in unealied gainlosses on derivative instruments, net of ta 224 75 (411) 1,315 2,905 (1,477) (741) (162) (134) (592) Change in unrealizod gainsioses on marketable ecurilies Chnge in fairvalue of murketable securilies, met of tax benel (espense) of $425, S(B63) and $264, especively Adjustment ke net (gains) lonses realined and included in net incom, net of tax expense (benefil) af $35, S(31), and S(32), respectively Total change in unealied gainlosses on murketable securilies, net of tat Total other comprchensive income (los) Total compehensie income (782) 1,582 (483) (64) 56 59 (846) 1,638 (424) 979 (1.427 47,567 46.666 51,967 See accompunying Notes to Consolidated Finuncial Stalements.

Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivaknts 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 marketabke securities 194,714 170,430 Property, plant and equipment, net 33,783 27010 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 Accrued ex penses 49,049 24 37,294 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 2,930 75,427 Defered revenue, non-current 2,836 Long-term debt 97,207 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, $0.0000 1 par value: 12,600,000 shares authorized; 5,126,2201 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 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS In millions, etcepi number of shares which ar rellected in thousands and per share amounts) Seple mber 30, 2017 Seplember 24, 2016 Seplember , 2015 Years ended Netales 229,234 215.699 233J15 Cost of sales Gross mrgin 141,048 88,186 131,376 84,263 140p9 93.626 Opernating expetses Rescarch and development Selling. general and administrative Total operating ex penes 11,581 10,045 15,261 26,842 14,194 24,239 14,329 22,396 71,230 Operating income Oter income (expense), net Income befor pruvision for income taes 61,344 60.024 2,745 1,348 1,285 64,09 15,738 61.372 72,515 19,121 Provision for income taes 15,685 Net income 48,351 45,687 53,394 Eamings per share: Hasic 9.27 8.35 9.28 Diluled 9.21 8.31 9.22 Shares used in computing camings per share: Basic 5,217,242 5,470,820 5,753,421 Dilued 5,251,692 5,500,281 2.18 5,793pe Csh davidends declamd per shae 240 1.98 See accompanying Notes to Consolidated Finuncial Stalements. Apple Inc. CONSOLIDATED STATEMENTIS OF COMPREHENSIVEINCOME (In millions) Yaars ended Seplember 30, 2017 September 24, 2016 Seplem ber 26, 2015 Net income 48,351 45,68 S 53,394 oder comprehensve income oss): Chnge in koreign curency traslation, et of tax efects of S7), S8 and $201, mspectively Change in unrealirod gainsloses on derivalive instruments: Chunge in fairvalue of derivatives, et of lax benefit (expene) of S(478). S(7) ad S(441), repectively Adjudment kr net (gains) loses realined and included in net incom, net of tax expene (benefit) of $475, $131 and S630, espectively Total change in unealied gainlosses on derivative instruments, net of ta 224 75 (411) 1,315 2,905 (1,477) (741) (162) (134) (592) Change in unrealizod gainsioses on marketable ecurilies Chnge in fairvalue of murketable securilies, met of tax benel (espense) of $425, S(B63) and $264, especively Adjustment ke net (gains) lonses realined and included in net incom, net of tax expense (benefil) af $35, S(31), and S(32), respectively Total change in unealied gainlosses on murketable securilies, net of tat Total other comprchensive income (los) Total compehensie income (782) 1,582 (483) (64) 56 59 (846) 1,638 (424) 979 (1.427 47,567 46.666 51,967 See accompunying Notes to Consolidated Finuncial Stalements.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.16E

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