Apple's Financial Statements

Financial Statements analyzed for this assignment includes Unaudited Consolidated Condensed Balance Sheet, Statement of Cash Flow and Income Statement that are downloaded from http://investor.apple.com/financials.cfm. (APPENDIX II)

I have selected Apple as the company that I will be following financially for the duration of Accounting 561. Not only am I a passionate Apple user, I also believe in how the company develops, creates, and markets their product lines for consumer use. They have created products that are so complex at their core with an extremely simple user experience, which has been nothing short of remarkable to watch from the time I was a child through adulthood. I look forward to studying the company and their financials further as we dive deeper into Accounting 561.

This additional elasticity in Apple’s business strategy shows its aspiration to conquer Dell, HP and Microsoft, done with a exceptional and groundbreaking mixture of digital media and personal computer creations.

Apple current uses Ernst & Young LLP as their audit firm. Ernst & Young is a global leader in tax, advisory services, transactions, assurance, and strategic growth markets (Ernst & Young, n.d.). Before Ernst & Young LLP Apples used KPMG LLP who is a worldwide presence in auditing, tax and advisory

The purpose of this paper is to discuss the SEC’s influence on auditing a private company and the essential activities involved in the initial planning of an audit. Next the discussion will delve into four stages of the audit and tasks performed by the auditors as well as internal control findings and various aspects of the audit.

The company chosen for these audit exercises is Apple. Everyone has heard about this company and

The technology portion of their company has grown tremendously which has caused so much of their growth. In addition, they found the perfect formula to appeal to and retain customers. Most of their customers are loyal to their company and insist on sticking to their products. Their market capitalization, $639,922 million, is extremely high compared to other companies in their industry They returned about $8 billion to shareholders during their quarter. Also, their gross margins, currently at 38.01%, are high at passed by

In consideration of the Sarbanes Oxley Act, the CPA auditor of Walmart is required to comment on the internal control of the company. The auditor of Walmart, Ernst & Young carries out the requisite examination of

a) Apple Inc uses multi-step income statement format. It organizes its operating section by using functional expense classification.

Our group decided to analyse the company Apple Inc., listed on Nasdaq Market as AAPL. The analysis was mainly based on the annual financial report of the company for the fiscal year ended on September 29th 2007. Apple Inc. is today one of the most

Both The Microsoft Corporation and Apple Computers, Inc. have become names with which the public is familiar. Both companies have many divisions, and both must manage extensive assets and liabilities. Since both companies report large amounts of income, the matter of accounting checks and balances becomes more complicated than many smaller companies, but equally as important. Financial reports and the audits of these reports are public information and serve to provide a process to decrease errors and omissions and questionable accounting practices.

Apple, Inc. (formerly known as Apple Computer, Inc.) was incorporated in the State of California in 1977. Apple currently designs, manufactures, and markets a variety of computer and personal electronic products, including Macintosh computers, and the iPod digital music player. AppleÕs key markets are consumers, creative professionals, educational institutions, and business users.

Apple’s annual report, as submitted to the United States Securities and Exchange Commission (SEC) on Form 10-K, lists its total assets as $47,501 for fiscal year 2009 and $75,183 for fiscal year 2010. Its largest asset for the same two years was $18,201 in short-term marketable securities in 2009 and $25,391 in long-term marketable securities in 2010. Accounts payable listed as $5,601 in 2009 and $12,015 in 2010. All figures are noted in millions (Apple, Inc. Annual Report). Apple does not report taxes collected from its customers that are paid to governmental authorities. Apple’s 2010 annual report lists cash, cash equivalents, and marketable securities valued in 2010 as $51,011 million and in 2009 as $33,992 million. Total current assets in the year of 2010 were $41,678 million and for the year ending 2009 were $31,555 million. Current assets are listed in the order

The quality and transparency of a company’s financial statement concerns a broad range of interested parties, including analyst, shareholders, investors, regulators, and so forth. Generally, the analysis of quality and transparency includes the examination of the accounting assumptions, strategies, risk tolerance, consistency of on- or off- balance-sheet transactions. The notes and management’s discussion in the annual report are of great importance to achieve the assessment of quality (Stickney, Brown and Wahlen, 2007). The financial statement of quality is expected to disclose important information about the company’s liquidity, inherent risk subjectivity, use of historical cost or fair value measurement methods, accounting estimates and assumptions, possibilities of impairment, use of off-balance-sheet arrangements and quality of internal control (Deloitte Inc., 2015). The report takes Apple Inc. as the case to perform a quality assessment about its annual report of 2015.

Apple Inc. is globally renowned as one of the leading companies, especially for its specialization in the personal computers and consumer electronics industry. The company is most well-known for the iPod, a digital music player and Macintosh, a personal computer released in 1984.