What were net sales (remember to adjust the amounts in the statements as needed - some are
Question:
- What were net sales (remember to adjust the amounts in the statements as needed - some are in thousands, some in millions)?
The Net Sales for the year of 2023 is $298,085,000,000 The Net Sales for the previous year ending September 29, 2022: $394,328,000
- Were sales up or down compared to the previous year?
The sales were down compared to the previous year since in 2023
- WHY?
According to the Management's Discussion and Analysis of Financial Condition and Results of Operations, net sales decreased compared to the previous year due to a weakness in foreign currencies specifically the US dollar. iPhone net sales decreasing by $4.9 billion compared to 2022 due to less net sales of non- pro iPhone models (SEC, n.d). Additionally, iPad net sales decreased by $10.8 billion because of a lower net sale of laptops. iPad net sales also decreased by $1.0 billion due to lower net sales of iPad mini and iPad Air. Finally, the net sales decreased due to a decrease of 3% of wearables, home, and accessories. Consumers were not pleased about the higher net sales of services, leading to lower net sales of products.
- What was net income (loss) before taxes and interest?
The net income before taxes and interest is $113,736,000,000.
- What was net income (loss) after taxes and interest?
The net income after taxes and interest is $96,995,000,000.
- Was net income greater or less than the previous year?
The net income is less than the previous year.
WHY?
The net income decreased by 3% due to a weakness in foreign currencies relative to the U.S. dollar. This accounted for more than the entire year-over-year decrease in total net sales, which consisted primarily of lower net sales of Mac and iPhone, partially offset by higher net sales of Services (SEC, n.d).
- What was the biggest source of cash flow for the company?
The biggest source of cash flow for the company is Proceeds from maturities of marketable securities $39,686,000,000.
- What were total assets?
The total assets for Apple Inc are $352,583,000,000 (total current assets + Total non-current assets)
- What was the single largest category of assets?
The single largest category of assets was Marketable Securities $100,544,000,000
- What were total liabilities?
The total liabilities was $290,437,000,000 (total current liabilities + Total non-current liabilities)
- What was the single largest liability?
The single largest liability was Term Debt $95,281,000,000
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak