For ANN HARRIS ONLY

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Income Statement

APPLE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Sep 26, Sep 27,
(In millions, except number of shares) 2015 2014
Net sales $ 233,715 $ 182,795
Cost of sales 140,089 112,258
Gross margin 93,626 70,537
Operating expenses:
Research and development 8,067 6,041
Selling, general and administrative 14,329 11,993
Total operating expenses 22396 18034
Operating income 71,230 52,503
Other income/(expense), net 1,285 980
Income before provision for income taxes 72,515 53,483
Provision for income taxes 19,121 13,973
Net income 53,394 39,510
Earnings per share:
Basic $ 9.28 $ 6.49
Diluted $ 9.22 $ 6.45
Shares used in computing earnings per share:
Basic 5,753 6,085
Diluted 5,793 6,122
Cash dividends declared per share $ 1.98 $ 1.82
Market Price per Share $114.71 $101.75

Balance Sheet

APPLE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares) Sep 26, Sep 27, Sep 28,
2015 2014 2013
ASSETS:
Current assets:
Cash and cash equivalents $21,120 $13,844 $14,259
Short-term marketable securities 20,481 11,233 26,287
Accounts receivable 16,849 17,460 13,102
Inventories 2,349 2,111 1,764
Deferred tax assets 5,546 4,318 3,453
Vendor non-trade receivables 13,494 9,759 7,539
Other current assets 9,539 9,806 6,882
Total current assets $89,378 $68,531 $73,286
Long-term marketable securities 164,065 130,162 106,215
Property, plant and equipment, net 22,471 20,624 16,597
Goodwill 5,116 4,616 1,577
Acquired intangible assets, net 3,893 4,142 4,179
Other non-current assets 5,556 3,764 5,146
Total assets $290,479 $231,839 $207,000
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $35,490 $30,196 $22,367
Accrued expenses 25,181 18,453 13,856
Deferred revenue 8,940 8,491 7,435
Commercial paper 8,499 6,308 0
Current portion of long-term debt 2,500 0 0
Total current liabilities $80,610 $63,448 $43,658
Deferred revenue, non-current 3,624 3,031 2,625
Long-term debt 53,463 28,987 16,960
Other non-current liabilities 33,427 24,826 20,208
Total liabilities $171,124 $120,292 $83,451
Commitments and contingencies
Shareholders' equity:
Common stock and additional paid-in capital 27,416 23,313 19,764
Retained earnings 92,284 87,152 104,256
Accumulated other comprehensive income (345) 1,082 (471)
Total shareholders' equity 119,355 111,547 123,549
Total liabilities and shareholders' equity $290,479 $231,839 $207,000

Ratio Analysis

Ratio Analysis
Apple, Inc.
Current Ratio = Current Assets / Current Liabilities
2015 2014
Current Assets $ 89,378 $ 68,531
Current Liabilities $ 80,610 $ 63,448
Current Ratio 1.11 1.08
Quick Ratio = Quick Assets / Current Liabilities
2015 2014
Quick Assets $ 81,483 $ 62,102
Current Liabilities $ 80,610 $ 63,448
Quick Ratio 1.01 0.98
Debt to Equity = Total Liabilities / Total Equity
2015 2014
Total Liabilities $ 171,124 $ 120,292
Total Equity $ 119,355 $ 111,547
Debt to Equity 1.43 1.08
Inventory Turnover = Cost of Goods Sold / Average Inventory
2015 2014
Cost of Goods Sold $ 140,089 $ 112,258
Average Inventory $ 2,230 $ 1,938
Inventory Turnover 62.82 57.94
Receivable Turnover = Net Credit Sales / Average Accounts Receivable
2015 2014
Net Credit Sales $ 233,715 $ 182,795
Average Accounts Receivables $ 17,155 $ 15,281
Receivable Turnover 13.62 11.96
Total Assets Turnover = Net Sales / Average Total Assets
2015 2014
Net Sales $ 233,715 $ 182,795
Average Total Assets $ 261,159 $ 219,420
Total Assets Turnover 0.89 0.83
Profit Margin = Net Income / Net Sales
2015 2014
Net Income $ 53,394 $ 39,510
Net Sales $ 233,715 $ 182,795
Profit Margin 22.85% 21.61%
Return on Assets = Net Income / Average Total Assets
2015 2014
Net Income $ 53,394 $ 39,510
Average Total Assets $ 261,159 $ 219,420
Return on Assets 20.45% 18.01%