# Presented below is Apple’s 3 Year Financial Results taken from their 2013

| February 25, 2017

Question
Presented below is Apple’s 3 Year Financial Results taken from their 2013 10K (annual report) which can be found on their website under SEC filings and annual reports:

http://investor.apple.com/sec.cfm#filings

All the figures below are presented in millions except for the per share data. So yes, Apple generated \$170 billion dollars in net sales in 2013.

2013 2012 2011
Net sales \$ 170,910 \$ 156,508 \$ 108,249
Net income \$ 37,037 \$ 41,733 \$ 25,922
Earnings per share:
Basic \$ 40.03 \$ 44.64 \$ 28.05
Diluted \$ 39.75 \$ 44.15 \$ 27.68
Cash dividends declared per share \$ 11.40 \$ 2.65 \$0
Shares used in computing earnings
per share:
Basic 925,331 934,818 924,258
Diluted 931,662 945,355 936,645
Total cash, cash equivalents and
marketable securities \$ 146,761 \$ 121,251 \$ 81,570
Total assets \$ 207,000 \$ 176,064 \$ 116,371
Long-term debt \$ 16,960 \$0 \$0
Long-term obligations (a) \$ 20,208 \$ 16,664 \$ 10,100
Total liabilities \$ 83,451 \$ 57,854 \$ 39,756
Total shareholders’ equity \$ 123,549 \$ 118,210 \$ 76,615

1. Compute the Debt Ratio and the Equity Ratio for all of the years. Explain the ratios.

2. Why would a company so cash rich like Apple (\$146 billion dollars reported in cash and cash equivalents and marketable securities) take on more long-term debt in 2013?

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