Project Questions (1) - Project Questions Group Name...

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Project Questions: Group Name: Company Name: Team Members: Complete the following information: Please use N/A if you could not locate an item or feel it does not apply. 1. Basic Company Facts a. Name of Firm: Apple Inc b. Stock Ticker Symbol: AAPL c. Stock exchange where traded: Nasdaq d. State of Incorporation California e. Independent Auditor Ernst & Young LLP f. Company’s Fiscal Year End Sep 24, 2011 g. Web site www.apple.com 2. List up to five products or services your company sells or provides and customers to whom those products are sold. Products Ipod I tunes Ipad Ibookstore I phone Mac Operating system Apple TV Page 1 of 11
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3. Use the financial highlights section of your company’s annual report to note the following information. (Note: FYE may need to be adjusted) Item Most Recent Fiscal Year Next Most Recent Year Additional years Additional Years Net Income $ 25.9 $ 14.0 $ 8.23 $ Total Assets $ 116.4 $ 75.2 $ 47.5 $ Total Liabilities $ 39.8 $ 27.4 $ 15.9 $ Long-term Debt $ Nil $ Nil $ Nil $ Dividend per share $ Nil $ Nil $ Nil $ Earnings per share (basic EPS) $ 28.05 $ 15.41 $ 9.22 $ 4. From Management’s Discussion and Analysis (MD&A), answer the following: a. Does your company’s MD&A section have the following major sections? (Note: All companies may not have these sections or use the exact terminology.) Yes No Overview Yes Results of operations Yes Financial condition and liquidity Yes Market risk management Yes Critical accounting policies Yes Caution concerning forward-looking information No Other: Page 2 of 11
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b. What is the general tone of management’s comments in this section? Was the most recent year a positive or negative experience for the company? Is management optimistic or pessimistic about the future? Discuss. The management tone is positive and optimistic for the future. The most recent period Has shown significant improvement from previous operations. With double digit growth in Sales and profits for the company. The company cash and cash equivalents has increased To $81.6 billion at the end of 2011, which is the highest in its history and not many Companies would be having that much of cash and cash equivalents in its balance sheet. Overall the company management is optimistic about the future with its niche products. 5. Locate the Statement Management Responsibility and the Report of the Independent Accountants (or Auditor’s Report) and read them carefully to answer the following questions. a. Who is responsible for the preparation and content of the financial statements? The company management is responsible for preparing the financial statements. b. Does the company have an Audit Committee? c. What is (are) the responsibility(s) of the audit committee? Assist the board of directors in oversight and monitoring of financial statements, Compliance with legal, regulatory and public disclosure requirements, risk management Internal control and their audit and general process for audit, accounting and financial Reporting. Also the committee is responsible for preparation of reports required by SEC.
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