Free «Accounting - Apple Company» Essay Sample
Apple Inc. has net sales of $278,448,000 over five year span beginning in 2007 and ending in 2011. This is not an indication of future sales for the company. Although net sales are high for the company they have a net income of $57,784,000, and assets totaling more than $300,000,000. Some of their principle products include a range of devices for communication and media, along with a variety of products, including software, third party hardware, and peripherals. As of last September 2011, the company had approximately 60,400 full-time employees, along with an additional 2,000+ temporary full-time employees and contractors. Among other companies over a five year period, Apple Inc. has received an equal return based on stock performance. Apple Inc. fiscal year ends on September 29, 2012. The company titles their financial statements as consolidated. The company includes more than 2 years of data in their financial statements.
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Apple Inc. uses more than one year of data to show a sequence of sales from one time period to another. Companies also use more than one year of financial statements to show how relevant it is for the business in that time period. According to the document provided Apple Inc. signed the audit report from Ernst & Young. The audit firm is responsible for reliable financial reporting for the company in accordance with U.S. accounting principles. The auditor is in charge of the company’s financial data over a period of time, while making sure that everything is compliant with the company sales, stocks, dividends, and other internal factors that affect the overall financial standing of the company. The financial reports for Apple Inc. are conclusive, and meet the standard guideline for all accounting principles as of September 2011. The “Management, Discussion, and Analysis section” discusses risks and uncertainties that are stated by the company. The company does not indicate as to whether they use a periodic or perpetual inventory system. The company records a write-down for its products, which include third party items that is used for sales. The company applies market rule to their inventory, so if future demand for inventory decreases, there will be additional write-downs that may negatively affect the company’s sales.
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The company thoroughly reviews their inventory each fiscal quarter. There is a factor that is brought into consideration, like product development plans, along with current sales levels, in the company. Apple Inc. has not issued any purchases of equity, but has shareholders equity, and has not paid any cash dividends in 2011 or the year prior. The company has a net income of 25,922,000 for fiscal year 2011.
To conclude, the company has taken the necessary steps to ensure the overall financial standing of its products and sales. The company has met net sales of over 200,000,000 over a five year span. The company’s recorded sales are not a projection of future sales for the company, but rather a timeline of the company’s overall financial standing. The company has taken steps to ensure the quality of their products and services. They have considered all the factors that may have a negative impact on the company. The company’s shareholder return has made strides over a four year period. Apple Inc. employed more than $60,000 employees for fiscal year 2011. The company’s fiscal year is set to end in September 2012. Apple Inc. financial documents are consolidated for accounting purposes, and have met the standards for fair accounting in the U.S.