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Use the information contained in these financial statements and notes to complete this case. All answers should be for the most current year (September 24, 2016) unless asked otherwise. Many companies show amounts in the thousands or millions please state amounts as shown on the financial statements. Do not add zeros. You do not need to include dollar signs. Selected financial statements of Apple, Inc. follow. CONSOLIDATED STATEMENTS OF OPERATIONS (In milions, except number of shares which are refiectsd in thousands and per sharn amourts Yeara ended September 27 2014 September 24, 2016 September 2 201s 233715 S Nat sales 215,639 S 182,795 140089 9362 Cost of sales 131,378 112258 84 203 74537 Gross margin Operating expenses: Research and development 10,045 8067 6,041 Selling, general and administractive Total operating axpansos 14,194 14329 11,993 24239 22.390 18034 Operating inoome Other inoometexpense), net 60,024 71230 52,503 980 1348 1285 61,372 Income before provision for income taxes 72515 53483 Provision for income taxes 15,685 19.121 13973 45,687 S Net income 53394 39510 Earnings par share: Baso 8.35 S 9.28 6.49 Diluted 8.31 S 9.22 6.45 Shares used in computing eamings per share: Basic 5470,820 5,753421 6,085,572 Dilutod 5500,281 5,793069 6,122,663 Cash dividends declared per sharo 2.18 S 1.98 182 CONSOUDATED BAL ANCE SHEETS CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflectod in thousands and par value) September 24, 2016 September 26. 2015 ASSETS Cumrent assets Cash and cash equivalents S 20,484 S 21,120 Short-tem marketable securities 46,671 20,481 Accounts receivable, less allowances of S53 and S63, respectively 15,754 16,849 2,132 2,349 Inventories Vendor non-trade receivables 13,545 13,494 8,283 Other current ansets 15,085 Total aument assets 106,869 89,378 164,065 Long-tem marketable securities 170,430 27,010 Proparty, plant and equipment, net 22,471 Goodwill 5,414 5,116 3,206 Acquired intangible assets, net 3,893 Other non-cumrent assets 8,757 5,422 321,686 S 290,345 Total assets LIABILITIES ANDD SHAREHOLDERS EQUITY Current liabilities: Accounts payable Acoued expenses 37,294 S 35,490 25,181 22,027 Defered revenue 8,080 8,940 Commercial paper 8,105 8,499 Curent portion of long-tem debt 3,500 2,500 80,610 Total aurent liabilities 79,006 Defemed navenue, non-cument 2,930 3,624 Long-tem debt 75,427 53,329 Other non-current liabilities Total liabilities 33,427 170,990 36,074 193,437 Commitments and oontingencies Shaneholders' equity: Common stock and additional paid-in capital, sa.00001 par value: 12,600,000 shares authorized; 5,336,166 and 5,578,753 shares issued and outstanding, respectively 31,251 27,416 Retained eamings Accumulated other comprehensive incomeloss) Total shareholders' equity Total liabilities and shareholders' equity 96,364 92,284 634 (345 128,249 119,355 290,345 321,686 S cONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millians, except number of shares which are reflected in thousands) Accumulated Other Comprehenaive Income/(Loss) Common Stock and Additional Paid- In Capital Total Sharehokders Equity Retained Earnings Sharea Amount Balances as of Septembar 26, 2015 119,355 5,578,753 27,416 92,284 (345) 45,687 Net income 45,687 Other comprehensive income/(loss) Dividends and dividend equivalents 979 979 declared (12,188) (12,188) Repurchase of comman stock (279,609) (29,000) (29,000) Share-based compensation 4,262 4,262 Common stock issued, net of shares withheld for employee taxes 37,022 (806) (419) (1,225) Tax benefit from equity awards, including transfer pricing adjustments 379 379 5,336,166 S 31,251 S 96,364 S Balances as of September 24, 2016 634 128,249 I. Balance Sheet Page A-2 (5.5 Points) Answer What is the name of the company's Balance Sheet? What does 1. consolidated mean? (Hint: See your glossary.) What is the amount of cash and cash equivalents that the company 2. has? What is the amount of goods the company acquired to resell to 3. customers? What amount is owed to the company from customers? (Net of any 4 allowances is fine.) What is the amount of Current Assets? Why is this subtotal helpful? 5. Is their investment in Property, Plant and Equipment increasing or 6 decreasing? By how much? 7. What is Apple's largest asset? What is the amount of liabilities that are due within one year or 8. operating cycle? 9. What is the amount of total liabilities? Did Retained Earnings increase or decrease from the prior year? 10. How much did Retained Earnings increase or decrease from the prior year? 11 II. Income Statement Page A-3 (3.5 Points) Answer What is the name of the company's Income Statement? 1. What are the total net sales? 2. 3. What is the cost of products sold? 4. What is the gross margin? 5. What is the amount of selling, general and administrative expense? 6. What is the amount of net income for the year? 7. What is the dollar amount that net income has increased or (decreased) from the previous year? III.Consolidated Statements of Shareholders' Equity Page A-4 (4 Points) Examine the Statement of Shareholders' Equity. Describe what this statement presents in your own 1. words. What is the beginning Retained eamings balance for the year ending Sept. 24, 2016? 2. What is the ending Retained earnings balance for the year ending Sept. 24, 2016? State at least two reasons the Retained Earnings balance changed from Sept. 26, 2015 to Sept. 24 3. 2016 IV.Notes- Pages A-6 through A-9 (7 Points) 1. What is the difference between a calendar year and a fiscal year? Does Apple's fiscal year end on the same date every year? How is their fiscal year end date determined? 2. What factors does Apple use to assess Allowance for Doubtful Accounts? 3. What inventory method is used for inventories? 4. What depreciation method is used for Property, Plant and Equipment? What is the estimated useful life for the following assets? 5. Building 6. Machinery and equipment v. Review Apple's Ratios Analysis for 2016 Page 559-564 (20 Points) 1. Current Ratio (pages 559-560) (2 points) a. What was Apple's Current ratio in 2016 and 2015? How does this ratio compare to the industry, Google and Samsung? b. What guideline does the textbook author use to evaluate a company's debtpaying ability? C. Accounts Receivable Turnover (page 561) (2 points) 2. What was Apple's Accounts Receivable Turnover ratio for 2016? a. b. How does this ratio compare to the industry, Google and Samsung? If the Accounts Receivable Turnover is generally in the range of 7 to 12, how is Apple doing? c. Inventory Turnover (page 561) (2 points) What was Apple's Inventory turnover ratio for 2016? 3. a. b. How does this ratio compare the industry, Google and Samsung? Days' Sales Uncollected (Pages 56) (2 points) 4. a. What was Apple's Days' Sales Uncollected ratio for 2016? b. How does this ratio compare to Google and Samsung? a. What was Apple's Total Asset Turnover ratio for 2016? b. How does this ratio compare to the industry, Google and Samsung? 7 Debt-to-Equity (page 562) (2 points) What was Apple's Debt-to-Equity ratio for 2016? a. b. How does this ratio compare to the industry, Google and Samsung? c. What does this ratio tell you about Apples' capital structure and risk? Profit Margin (page 563) (2 points) a. What was Apple's Profit Margin ratio for 2016? 8. b. How does this ratio compare to the industry, Google and Samsung? b. How does this ratio compare Google, Samsung and Industry? If analyst give a range of higher than 20-25 for a stock to be considered overpriced and less than 5-8 for a stock to be considered underpriced, how is Apple doing? c. 10. Dividend Yield (page 564) (2 points) a. What was Apple's Dividend Yield ratio for 2016? How does this ratio compare Google and Samsung? b. What does this tell you about Apple? c