Please create a 5 year trend data from 2007, 2008, 2009, 2010 and 2011 From the
ID: 2379436 • Letter: P
Question
Please create a 5 year trend data from 2007, 2008, 2009, 2010 and 2011
From the September 24, 2011, and September 25, 2010, consolidated balance sheets
and income statements for the years then ended for Apple Inc. follow. All amounts
are reported in millions.
2011 2010
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $108,249 $65,225
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,431 39,541
Research and development expenses . . . . . . . . . . . . . . . . . . . . 2,429 1,782
Selling, general, and administrative expenses . . . . . . . . . . . . . . 7,599 5,517
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? ?
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? 155
Provision for income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,283 ?
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,922 $14,013
2011 2010
Net sales: $108,249, $65,225
Cost of sales: $64,431, $39,541
Gross profit: $43,818, $25,685
Gross profit/net sales: 40% , 39%
Apples 5-year trend for these data: 2011 2010 2009 2008 2007 ( data for 2011 and 2010 are already documented, just need to get the data for 2009, 2008 and 2007)
Net sales: $108,249, $65,225
Cost of sales: $64,431, $39,541
Gross profit: $43,818, $25,685
Gross profit/net sales: 40% , 39%
Explanation / Answer
2009E 2008 2007
Assets
Cash $ 85,632 $ 7,282 $ 57,600
Accounts receivable 878,000 632,160 351,200
Inventories 1,716,480 1,287,360 715,200
Total current assets $ 2,680,112 $ 1,926,802 $ 1,124,000
Gross fixed assets 1,197,160 1,202,950 491,000
Less accumulated depreciation 380,120 263,160 146,200
Net fixed assets $ 817,040 $ 939,790 $ 344,800
Total assets $ 3,497,152 $ 2,866,592 $ 1,468,800
Liabilities and Equity
Accounts payable $ 436,800 $ 524,160 $ 145,600
Notes payable 300,000 636,808 200,000
Accruals 408,000 489,600 136,000
Total current liabilities $ 1,144,800 $ 1,650,568 $ 481,600
Long-term debt 400,000 723,432 323,432
Common stock 1,721,176 460,000 460,000
Retained earnings 231,176 32,592 203,768
Total equity $ 1,952,352 $ 492,592 $ 663,768
Total liabilities and equity $ 3,497,152 $ 2,866,592 $ 1,468,800
Sales $ 7,035,600 $ 6,034,000 $ 3,432,000
Cost of goods sold 5,875,992 5,528,000 2,864,000
Other expenses 550,000 519,988 358,672
Total operating costs
excluding depreciation $ 6,425,992 $ 6,047,988 $ 3,222,672
EBITDA $ 609,608 ($ 13,988) $ 209,328
Depreciation 116,960 116,960 18,900
EBIT $ 492,648 ($ 130,948) $ 190,428
Interest expense 70,008 136,012 43,828
EBT $ 422,640 ($ 266,960) $ 146,600
Taxes (40%) 169,056 (106,784)a 58,640
Net income $ 253,584 ($ 160,176) $ 87,960
EPS $ 1.014 ($ 1.602) $ 0.880
DPS $ 0.220 $ 0.110 $ 0.220
Book value per share $ 7.809 $ 4.926 $ 6.638
Stock price $ 12.17 $ 2.25 $ 8.50
Shares outstanding 250,000 100,000 100,000
Tax rate 40.00% 40.00% 40.00%
Lease payments 40,000 40,000 40,000
Sinking fund payments 0 0 0
2009E 2008 2007 Average
Current 1.2X 2.3X 2.7X
Quick 0.4X 0.8X 1.0X
Inventory turnover 4.7X 4.8X 6.1X
Days sales outstanding (DSO)a 38.2 37.4 32.0
Fixed assets turnover 6.4X 10.0X 7.0X
Total assets turnover 2.1X 2.3X 2.6X
Debt ratio 82.8% 54.8% 50.0%
TIE -1.0X 4.3X 6.2X
Operating margin -2.2% 5.6% 7.3%
Profit margin -2.7% 2.6% 3.5%
Basic earning power -4.6% 13.0% 19.1%
ROA -5.6% 6.0% 9.1%
ROE -32.5% 13.3% 18.2%
Price/earnings -1.4X 9.7X 14.2X
Market/book 0.5X 1.3X 2.4X
Book value per share $4.93 $6.64 n.a.
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