Apple Project - Alfred Mai Economics 3A Prof Loster...

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Alfred Mai Economics 3A – Prof. Loster Financial Analysis Project - #1 01-30-2007 1. a. The public accounting firm that audited Apple's financial statements is KPMG LLP. The standards they followed in their audits are in accordance with Public Company Accounting Oversight Board. The accounting firm found that Apple Inc. maintained effective internal control over financial reporting. b. The accounting equation is: Assets = Liabilities + Shareholder's Equity. Apple understood this equation because according to their financial statements, their are $25, 347 million and their liabilities plus shareholder's equity is $25,347 million as well. c. A fiscal year is a 12 month period used for calculating annual financial matters. Apple's fiscal year policy is the 52 or 53 week period that ends on the last Saturday of September. d. Apple spent $287 million in 2005, $338 million in 2006, $467 million in 2007. e. In 2007, $8,305 million of net sales came from the sales of iPods.
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