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Shown below are Apple Inc's Consolidated Statements of Operations for years ended September 24, 2022, September 25, 2021, and September 26, 2020; and Consolidated Balance Sheets at September 24, 2022, and September 25, 2021. Determine the following (show your work) for Apple Inc: a. Return on Equity for the year ended September 24, 2022. b. Acid-test ratio at September 24, 2022 c. Number of days sales in accounts receivable at September 24, 2022 d. Inventory turnover for the year ended September 24, 2022 e. With a common stock market price of $150.43 at September 24, 2022, the Price Earnings Ratio for the year ended september 24, 2022. f. Do you conider the PE ratio in part e to be below average, average or above average? Why? g. The debt to equity ratio at September 24, 2022 Net sales Products Services Total net sales Cost of sales: Products Services Total cost of sales Gross margin Operating expenses: Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Research and development Selling, general and administrative Total operating expenses Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net Income Eamings per share: September 24, 2022 316,199 $ 78,129 394,328 201,471 22,075 223.546 170,782 26,251 25,094 51,345 119,437 (334) 119,103 19,300 99,803 Years ended September 25, 2021 297,392 $ 68,425 365,817 192,266 20,715 212,981 152,836 21,914 21,973 43,887 108,949 258 109,207 14,527 94,680 $ September 26, 2020 220,747 53,768 274,515 151,296 18,273 169,559 104,956 18,752 19,916 38,668 66,288 803 67,091 9,600 57,411

Shown below are Apple Inc's Consolidated Statements of Operations for years ended September 24, 2022, September 25, 2021, and September 26, 2020; and Consolidated Balance Sheets at September 24, 2022, and September 25, 2021. Determine the following (show your work) for Apple Inc: a. Return on Equity for the year ended September 24, 2022. b. Acid-test ratio at September 24, 2022 c. Number of days sales in accounts receivable at September 24, 2022 d. Inventory turnover for the year ended September 24, 2022 e. With a common stock market price of $150.43 at September 24, 2022, the Price Earnings Ratio for the year ended september 24, 2022. f. Do you conider the PE ratio in part e to be below average, average or above average? Why? g. The debt to equity ratio at September 24, 2022 Net sales Products Services Total net sales Cost of sales: Products Services Total cost of sales Gross margin Operating expenses: Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Research and development Selling, general and administrative Total operating expenses Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net Income Eamings per share: September 24, 2022 316,199 $ 78,129 394,328 201,471 22,075 223.546 170,782 26,251 25,094 51,345 119,437 (334) 119,103 19,300 99,803 Years ended September 25, 2021 297,392 $ 68,425 365,817 192,266 20,715 212,981 152,836 21,914 21,973 43,887 108,949 258 109,207 14,527 94,680 $ September 26, 2020 220,747 53,768 274,515 151,296 18,273 169,559 104,956 18,752 19,916 38,668 66,288 803 67,091 9,600 57,411

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shown below are Apple Inc's Consolidated Statements of Operations for years ended September 24, 2022, September 25, 2021, and September 26, 2020; and Consolidated Balance Sheets at September 24, 2022, and September 25, 2021. Determine the following (show your work) for Apple Inc: a. Return on Equity for the year ended September 24, 2022. b. Acid-test ratio at September 24, 2022 Number of days sales in accounts receivable at September 24, 2022 Inventory turnover for the year ended September 24, 2022 With a common stock market price of $150.43 at September 24, 2022, the Price Earnings Ratio for the year ended september 24, 2022. C. d. e. f. 8. Do you conider the PE ratio in part e to be below average, average or above average? Why? The debt to equity ratio at September 24, 2022 Net sales: Products Services Total net sales Cost of sales: Products Services Total cost of sales Gross margin Operating expenses: Research and development Selling, general and administrative Total operating expenses Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income Eamings per share: Basic Dauted Shares used in computing earings per share: Basic Diluted $ $ September 24, 2022 316,199 S 78,129 394,328 201,471 22,075 223,546 170,782 26,251 25,094 51,345 119.437 (334) 119,103 19,300 99,803 6.15 $ 6.11 S 16,215,953 16,325,819 $ See accompanying Notes to Consolidated Financial Statements. Years ended September 25 2021 297,392 $ 68,425 365,817 192,266 20,715 212,981 152,836 21,914 21,973 43,887 108,949 258 109,207 14,527 94,680 $ 5.67 $ 5.61 S 16,701,272 16,864,919 September 26, 2020 220,747 53,768 274,515 151,286 18,273 169,559 104,956 18,752 19,916 38.668 66,288 803 67,091 9,680 57,411 3.31 3.28 17,352,119 17,528,214
Transcribed Image Text:Shown below are Apple Inc's Consolidated Statements of Operations for years ended September 24, 2022, September 25, 2021, and September 26, 2020; and Consolidated Balance Sheets at September 24, 2022, and September 25, 2021. Determine the following (show your work) for Apple Inc: a. Return on Equity for the year ended September 24, 2022. b. Acid-test ratio at September 24, 2022 Number of days sales in accounts receivable at September 24, 2022 Inventory turnover for the year ended September 24, 2022 With a common stock market price of $150.43 at September 24, 2022, the Price Earnings Ratio for the year ended september 24, 2022. C. d. e. f. 8. Do you conider the PE ratio in part e to be below average, average or above average? Why? The debt to equity ratio at September 24, 2022 Net sales: Products Services Total net sales Cost of sales: Products Services Total cost of sales Gross margin Operating expenses: Research and development Selling, general and administrative Total operating expenses Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income Eamings per share: Basic Dauted Shares used in computing earings per share: Basic Diluted $ $ September 24, 2022 316,199 S 78,129 394,328 201,471 22,075 223,546 170,782 26,251 25,094 51,345 119.437 (334) 119,103 19,300 99,803 6.15 $ 6.11 S 16,215,953 16,325,819 $ See accompanying Notes to Consolidated Financial Statements. Years ended September 25 2021 297,392 $ 68,425 365,817 192,266 20,715 212,981 152,836 21,914 21,973 43,887 108,949 258 109,207 14,527 94,680 $ 5.67 $ 5.61 S 16,701,272 16,864,919 September 26, 2020 220,747 53,768 274,515 151,286 18,273 169,559 104,956 18,752 19,916 38.668 66,288 803 67,091 9,680 57,411 3.31 3.28 17,352,119 17,528,214
Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net Other non-purrent assets Total non-current assets Total assets Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities: Term debt Other non-current liabilities Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) Total non-current liabilities Total liabilities Commitments and contingencies Accumulated other comprehensive income/(loss) Total shareholders' equity ASSETS: Shareholders' equity. Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,043,425 and 16,420,786 shares issued and outstanding, respectively Retained earnings/(Accumulated deficit) Total liabilities and shareholders' equity LIABILITIES AND SHAREHOLDERS' EQUITY: See accompanying Notes to Consolidated Financial Statements. Apple Inc. 1 2022 Form 10-K | 31 $ September 24, 2022 23,646 $ 24,658 28.184 4,948 32,748 21.223 135,405 120,805 42,117 54,428 217,350 352,755 S 64,115 $ 60,845 7.912 0,992 11,128 153,982 98,959 49,142 148,101 302,083 64,849 (3.068) (11,109) 50,672 352,755 S September 25, 2021 34,940 27,099 26,278 6,580 25,228 14,111 134,838 127,877 39,440 48,849 218,166 351,002 54,763 47,493 7,612 6,000 9,613 125,481 109,106 53,325 162,431 287,912 57,365 5,562 163 63,090 351,002
Transcribed Image Text:Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net Other non-purrent assets Total non-current assets Total assets Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities: Term debt Other non-current liabilities Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) Total non-current liabilities Total liabilities Commitments and contingencies Accumulated other comprehensive income/(loss) Total shareholders' equity ASSETS: Shareholders' equity. Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,043,425 and 16,420,786 shares issued and outstanding, respectively Retained earnings/(Accumulated deficit) Total liabilities and shareholders' equity LIABILITIES AND SHAREHOLDERS' EQUITY: See accompanying Notes to Consolidated Financial Statements. Apple Inc. 1 2022 Form 10-K | 31 $ September 24, 2022 23,646 $ 24,658 28.184 4,948 32,748 21.223 135,405 120,805 42,117 54,428 217,350 352,755 S 64,115 $ 60,845 7.912 0,992 11,128 153,982 98,959 49,142 148,101 302,083 64,849 (3.068) (11,109) 50,672 352,755 S September 25, 2021 34,940 27,099 26,278 6,580 25,228 14,111 134,838 127,877 39,440 48,849 218,166 351,002 54,763 47,493 7,612 6,000 9,613 125,481 109,106 53,325 162,431 287,912 57,365 5,562 163 63,090 351,002
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