financial analysis project

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AC 2017 Answer Sheet

Name: PLEASE PUT YOUR NAME ON YOUR ASSIGNMENT!
SECTION:
Note: Ratios are calculated for the 2017 year only.
Liquidity Ratios:
(1) Working Capital ($)
(2) Current Ratio
(3) Quick Ratio
(4) A/R Turnover
(5) Days to Collect
(6) Inventory Turnover
(7) Days to Sell
Solvency Ratios:
(8) Debt to Assets
(9) Debt to Equity
(10) Plant Assets to LT Liab (LT Liab = LT Debt)
Profitability Ratios:
(11) Net Margin Ratio (%)
(12) Asset Turnover (%)
(13) ROI (%)
(14) ROE (%)
Market Ratios:
(15) EPS (Diluted) <------------ Diluted EPS: Do Not Calculate - - Input Sep 2017 From Income Statement
(16) Book Value Per Share <------------ USE Sep 2017 OUTSTANDING SHARES From Balance Sheet for Calculation of Book Value Per Share
(17) P/E <------------ Apple Computer Stock Price Sep 29, 2017 Stock Price is $154.12; For EPS Use the Diluted EPS
(18) Dividend Yield (%) <------------ Cash Dividends Paid Appears on the Income Statement

&A

INCOME_STATEMENT

Created by EDGAR Online, Inc.
APPLE INC
INCOME_STATEMENT
Form Type: 10-K
Period End: Sep 30, 2017
Date Filed: Nov 03, 2017
Table Of Contents
Apple Inc. | 2017 Form 10-K | 38
-
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per
share amounts)
Sep-17 Sep-16 2017 vs. 2016 2016 vs. 2015
Vertical Vertical Horizontal Horizontal
Years Ended: Sep-17 Analysis Sep-16 Analysis Sep-15 Analysis Analysis
Net sales $ 229,234 $ 215,639 $ 233,715
Cost of sales 141,048 131,376 140,089
Gross margin 88,186 84,263 93,626
Operating expenses:
Research and development 11,581 10,045 8,067
Selling, general and administrative 15,261 14,194 14,329
Total operating expenses 26,842 24,239 22,396
Operating income 61,344 60,024 71,230
Other income/(expense), net 2,745 1,348 1,285
Income before provision for income taxes 64,089 61,372 72,515
Provision for income taxes 15,738 15,685 19,121
Net income $ 48,351 $ 45,687 $ 53,394
Earnings per share:
Basic $ 9.27 $ 8.35 $ 9.28
Diluted $ 9.21 $ 8.31 $ 9.22
Shares used in computing earnings per share:
Basic 5,217,242 5,470,820 5,753,421
Diluted 5,251,692 5,500,281 5,793,069
Cash dividends declared per share $ 2.40 $ 2.18 $ 1.98

&F &A

BALANCE_SHEET

Created by EDGAR Online, Inc.
APPLE INC
BALANCE_SHEET
Form Type: 10-K
Period End: Sep 30, 2017
Date Filed: Nov 03, 2017
Table Of Contents
Apple Inc. | 2017 Form 10-K | 40
-
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value) Sep-17 Sep-16 2017 vs. 2016
Vertical Vertical Horizontal
Sep-17 Analysis Sep-16 Analysis Analysis
ASSETS:
Current assets:
Cash and cash equivalents $ 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 marketable securities 194,714 170,430
Property, plant and equipment, net 33,783 27,010
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 $ 49,049 $ 37,294
Accrued expenses 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
Deferred revenue, non-current 2,836 2,930
Long-term debt 97,207 75,427
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, $0.00001
par value: 12,600,000 shares authorized; 5,126,201 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

&F &A

Book Value Example

Shareholders' equity:
Common stock and additional paid-in capital, $0.00001
par value: 12,600,000 shares authorized; 5,126,201 and
5,336,166 shares issued and outstanding, respectively 31,251
Retained earnings 96,364
Accumulated other comprehensive income/(loss) 634
Total shareholders' equity 128,249
(In millions, except number of shares which are reflected in thousands and par value)
WRONG CORRECT
Shareholders Equity for 2016 $128,249 $128,249,000,000
Outstanding Shares for 2016 5,336,166 5,336,166,000
Book Value Per Share $0.02 $24.03

Ratio Definitions