Sylvia Ayala recently accepted a job in the production department at Apple. Before she starts work, she

Question:

Sylvia Ayala recently accepted a job in the production department at Apple. Before she starts work, she decides to review the company's annual report to better understand its operations.
The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations part of the report (pictures, products, etc.), the following are the traditional financial portions of the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management's Discussion and Analysis
•
• Notes to the
• Management's Responsibility for Financial Reporting
• Management's Report on Internal Control over Financial Reporting
• Report of Independent Registered Public Accounting Firm
• Selected Financial Data
The official SEC filing of the annual report is called a Form 10-K, which often omits the public relations pieces found in most standard annual reports. To access Apple's Form 10-K, including notes to the follow these steps:
1. Go to investor.apple.com.
2. Select the Financial Information tab.
3. Select the 10-K annual report dated September 2014.
4. The financial portions of the annual report begin on page 21.
Instructions
Use Apple's annual report to answer the following questions.
(a) What CPA firm performed the audit of Apple's
(b) What was the amount of Apple's basic earnings per share in 2014?
(c) What are the company's net sales in foreign countries in 2014?
(d) What were net sales in 2012?
(e) How many shares of have been authorized?
(f) How much cash was spent on capital expenditures in 2014?
(g) Over what life does the company depreciate its buildings?
(h) What was the value of inventory in 2013?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...