Apple the Most Successful Companies That Is Globally Known

Topics: Balance sheet, Apple Inc., Generally Accepted Accounting Principles Pages: 5 (1526 words) Published: September 11, 2011
Executive Summary

June 27, 2011
ACC/280

Apple is one of the most successful companies that is globally known, which has proving them to be the leaders in consumer technology. The company is over 30 years and is still very successful and has no signs of slowing down their success. Apple continues to surprise the world with new products year after year using top of the line technology. Apple has produced several products like the Apple I, Apple II, a Quick Take camera, the iMac, and the iPod those are just five of the amazing products the Apple has produced. Though very successful since 1976, they have had some issues with competitors but has overcome and passed them with annual revenues in the billion’s. The Chief Executive Officer of Apple is Steve Jobs, which is the co-founder along with Steve Wozniak, and Ronald Wayne in 1976. “Steve Jobs came up with the name Apple Computer in early 1976” (The Apple Museum, 2008). According to The Apple Museum (2008), the first Apple logo was designed by Ron Wayne, co-founder of Apple Computer which was a picture of Albert Einstein. The Apple I was the first with a single circuit board used in a computer and sold at Byte Shop stores for $666.66 (Apple. 20011). Throughout the years Apple has made the Macintosh SE/30 in 1989, the Quick Take camera in 1994, the Apple flat panels in 2000 and in 2006 Apple made the MacBook Pro (The Apple Museum, 2008). Apple not only had the huge success from their products but also had some issues with other companies when it came to names and new products. In 1981, Apple Records gave permission to Apple Computer to use the name Apple for their products that were not in any relations to music. Years later in 1989 Apple records sued Apple Computer because Apple released a computer that could play and record digital music. Apple new they hit the gold mine with their new inventions so they decided to go big and go hard. As of February 26, 2009, Apples independent registered public accounting firm is Ernst & Young LLP. Apple is listed on the NASDAQ stock exchange acquiring AAPL as their ticker symbol. Apple went public selling stock in 1980 for $22.50 according to The Apple Museum (2008).

Apple rises in the cash and the cash equivalents in the 2011 fiscal for the second quarter. March 26, 2011 Apple pleasantly reported that the cash flow from operations was over $6.2 billion looking ahead in the third quarter to make up to $23 billion and expect diluted earnings per share of about $ 5.03 (Apple, 2011). The current total assets of Apples recent annual reports were posted in the “second quarter revenue of $ 24.67 billion and recorded second quarter net profit of $ 5.99 billion, or $ 6.40 per diluted share” (Apple, 2011). According to Apple (2011), Comparing the results in” the revenue of $ 13.50 billion and net quarterly profits of $ 3.07 billion, or $ 3.33 per diluted share, in the year ago quarter” (Apple, n.d.). International sales accounted 59 % of the quarter’s revenue. In giving a 41.4 % compared to 41.7 % (Apple, 2011).The orders of current assets are as follows:” a category, assets include current assets, fixed or long-term assets, property, intangible assets, and other assets”(Reference for Business, n.d.). The two largest current assets that Apple sold are Mac that earned $ 3.76 million during the quarter, a 28 % unit increase over that year. “IPhones sold $18.65 million in the quarter making a 113 % unit growth” (Reference for Business, n.d.). Apple has increased in sales thanks to the Mac and the iPhones. Apple sold 9.02 million iPods in the quarter making a 17 % unit that decline from the quarter the year before (Reference for Business, n.d.). Ipads sold 4.69 million in the same quarter as the iPods (Reference for Business, n.d.). The two most recent assets totals for Apple are: “total assets increased +9.41% to a record $94.9 billion from the prior quarter of $86.7 billion” (Reference for Business, n.d.). “Apple reported total...

References: Apple (2011). Apple Reports Second Quarter Results. Message Retrieved from http://www.apple.com/pr/library/2011/04/20results.html
Apple (2011). Apple Information. Message Retrieved from http://www.apple.com/about/
Apple digests. (Apple reported Q1 March 2011 financial results on Wednesday, April 20, 2011). Apple Financial Performance. Message Retrieved from http://appledigest.blogspot.com/p/apple-financial-performance.html
Microsoft. (2011) Financial Report. Message Retrieved from statementshttp://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?symbol=AAPL
The Apple Museum (2008). Apple. Message Retrieved from http://www.theapplemuseum.com/index.php?id=44
Reference for Business. (n.d.). BALANCE SHEETS. Message Retrieved from http://www.referenceforbusiness.com/management/A-Bud/Balance-Sheets.html
http://files.shareholder.com/downloads/AAPL/Three_Yr_Financial_History.pdf
http://files.shareholder.com/downloads/AAPL/1302000220x0xS1193125-10-238044/320193/filing.pdf
http://investor.apple.com/financials.cfm
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