Please help!! :) Prepare a proforma balance sheet and income statement for Apple
ID: 2735233 • Letter: P
Question
Please help!! :)
Prepare a proforma balance sheet and income statement for Apple Inc - year 2015. Use 10 percent as the growth rate and calculate EFN using percentage of sales approach.
Period Ending Total Revenue Cost of Revenue Gross Profit Sep 26, 2015 233,715,000 140,089,000 93,626,000 eratin Research Development Selling General and Administrative Non Recurring Others Total Operating Expenses enses 8,067,000 14,329,000 Operating Income or Loss 71,230,000 Income from Continuing Operations Total Other Income/Expenses Net Earnings Before Interest And Taxes Interest Expense Income Before Tax Income Tax Expense Minority Interest Net Income From Continuing Ops 1,285,000 72,515,000 72,515,000 19,121,000 53,394,000 Events on-recurr Discontinued Operations Extraordinary Items Effect Of Accounting Changes Other Items Net Income Preferred Stock And Other Adjustments Net Income Applicable To Common Shares 53,394,000 53,394,000Explanation / Answer
Apple Inc. Balance sheet 2015 Assets % of Sales Current Assets Cash And Cash Equivalents $21,120,000 9.04% Short Term Investments $20,481,000 8.76% Net Receivables $35,889,000 15.36% Inventory $2,349,000 1.01% Other Current Assets $9,539,000 4.08% Total Current Assets $89,378,000 38.24% Long Term Investments $164,065,000 Property Plant and Equipment $22,471,000 9.61% Goodwill $5,116,000 Intangible Assets $3,893,000 Accumulated Amortization - Other Assets $5,556,000 Deferred Long Term Asset Charges - Total Assets $290,479,000 47.86% Liabilities Current Liabilities Accounts Payable $60,671,000 25.96% Short/Current Long Term Debt $10,999,000 Other Current Liabilities $8,940,000 Total Current Liabilities $80,610,000 Long Term Debt $53,463,000 Other Liabilities $33,427,000 Deferred Long Term Liability Charges $3,624,000 Minority Interest - Negative Goodwill - Total Liabilities $171,124,000 Stockholders' Equity Misc Stocks Options Warrants - Redeemable Preferred Stock - Preferred Stock - Common Stock $27,416,000 Retained Earnings $92,284,000 Treasury Stock - Capital Surplus - Other Stockholder Equity -$345,000 Total Stockholder Equity $119,355,000 Net Tangible Assets $110,346,000 Apple Inc. Income Statement Period Ending 9/26/15 % Total Revenue $233,715,000 100.00% Cost of Revenue $140,089,000 59.94% Gross Profit $93,626,000 40.06% Operating Expenses Research Development $8,067,000 3.45% Selling General and Administrative $14,329,000 6.13% Non Recurring - Others - Total Operating Expenses - Operating Income or Loss $71,230,000 30.48% Income from Continuing Operations Total Other Income/Expenses Net $1,285,000 0.55% Earnings Before Interest And Taxes $72,515,000 31.03% Interest Expense - Income Before Tax $72,515,000 31.03% Income Tax Expense $19,121,000 8.18% Minority Interest - Net Income From Continuing Ops $53,394,000 22.85% Non-recurring Events Discontinued Operations - Extraordinary Items - Effect Of Accounting Changes - Other Items - Net Income $53,394,000 Preferred Stock And Other Adjustments - Net Income Applicable To Common Shares $53,394,000 Apple Inc. Performa Income Statement Total Revenue $257,086,500 Cost of Revenue $154,097,900 Gross Profit $102,988,600 Operating Expenses Research Development $8,873,700 Selling General and Administrative $15,761,900 Non Recurring $0 Others $0 Total Operating Expenses $0 Operating Income or Loss $78,353,000 Income from Continuing Operations $0 Total Other Income/Expenses Net $1,413,500 Earnings Before Interest And Taxes $79,766,500 Interest Expense $0 Income Before Tax $79,766,500 Income Tax Expense $21,033,100 Minority Interest $0 Net Income From Continuing Ops $58,733,400 Non-recurring Events $0 Discontinued Operations $0 Extraordinary Items $0 Effect Of Accounting Changes $0 Other Items $0 Net Income $58,733,400 Preferred Stock And Other Adjustments $0 Net Income Applicable To Common Shares $58,733,400 Apple Inc Performa Balance sheet Assets Current Assets Cash And Cash Equivalents $23,232,000 Short Term Investments $22,529,100 Net Receivables $39,477,900 Inventory $2,583,900 Other Current Assets $10,492,900 Total Current Assets $98,315,800 Long Term Investments $164,065,000 Property Plant and Equipment $24,718,100 Goodwill $5,116,000 Intangible Assets $3,893,000 Accumulated Amortization 0 Other Assets $5,556,000 Deferred Long Term Asset Charges 0 Total Assets $301,663,900 Liabilities Current Liabilities Accounts Payable $66,738,100 Short/Current Long Term Debt $10,999,000 Other Current Liabilities $8,940,000 Total Current Liabilities $86,677,100 Long Term Debt $53,463,000 Other Liabilities $33,427,000 Deferred Long Term Liability Charges $3,624,000 Minority Interest 0 Negative Goodwill 0 Total Liabilities $177,191,100 Stockholders' Equity 0 Misc Stocks Options Warrants 0 Redeemable Preferred Stock 0 Preferred Stock 0 Common Stock $27,416,000 Retained Earnings $105,702,099.65 Treasury Stock 0 Capital Surplus 0 Other Stockholder Equity -$345,000 Total Stockholder Equity $131,290,500 Net Tangible Assets $121,380,600 Total liabilities and Shareholder Equity $308,481,600 EFN = Total Liab. and shareholders' equity - total assets $6,817,700