Case in Point Summary Exercise APPLE, INC. www.apple.com Facts: - 1976: Founded - 1984: Introduced Macintosh computer - 2001: Introduced iPod - 2007: Introduced iPhone - 2010: Introduced IPad - 2011: Founder Steve Jobs passes away Apple, Inc. was founded by Steve Jobs and Steve Wozniak on April 1, 1976 in Cupertino, California. It was originally named Apple Computer, Inc, based on its original focus on building computers. Management changed the name to Apple, Inc. in 2007 to reflect the fact that the firm was even less focused on computers and was far more focused on a variety of consumer electronics. The firm has revolutionized several industries with its creative and artful products including the iPod (music), iPhone (smart phone), iPad (books, periodicals, movies, music, games, applications, and web content), and iTunes (playing and downloading digital music and video files) among others. Apple has about 400 retail stores in more than thirteen countries and has surpassed both Microsoft and Google in market value. It has more than 60,000 full-time employees with annual revenue of more than $100 billion per year. 1. Assume the following quarterly figures apply to a local computer and electronics store, which sells many Apple products. Prepare an income statement and find net income after taxes for the quarter. 650 CHAPTER 15 Financial Statements and Ratios 2. At the end of the year, the store had the following: $84,500 in cash, $2100 in accounts receivable, land and building with a fair market value of $186,500, improvements worth $82,100. It has a note payable on store shelves with a remaining balance of $4900 and $58,400 in accounts payable for supplies. The only long-term debt is the mortgage of $134,200 on the building. Prepare a balance sheet for the firm at the end of the year and find the owner's equity