Essay Apple Inc: Analysis of Financial Statement

2098 Words Feb 5th, 2013 9 Pages
An Analysis of the Financial Statements of Apple

Intermediate Accounting III

INTRODUCTION
I chose Apple for my course project mainly based on the fact that they release all their records to the public and they have excellent accounting practices. Their paper work is easy to read and follow and based on their records they have an endless amount of revenue in the billions. As we have discussed about Apple in class I was very intrigued how they looked in the books on a specific level of detail and this course project was the perfect way to take initiative to find out just how their numbers actually add up answering the following questions.

1. What amount of deferred tax assets or deferred tax liabilities are on the two most
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$ | 6,489 | | | $ | 4,223 | | State taxes, net of federal effect | | | 552 | | | | 351 | | | | 339 | | Indefinitely invested earnings of foreign subsidiaries | | | (3,898 | ) | | | (2,125 | ) | | | (647 | ) | Research and development credit, net | | | (167 | ) | | | (23 | ) | | | (84 | ) | Domestic production activities deduction | | | (168 | ) | | | (48 | ) | | | (36 | ) | Other | | | (9 | ) | | | (117 | ) | | | 36 | | | | | | | | | | | | | | | Provision for income taxes | | $ | 8,283 | | | $ | 4,527 | | | $ | 3,831 | | | | | | | | | | | | | | | Effective tax rate | | | 24.2% | | | | 24.4% | | | | 31.8% | |

Bifurcation as current and deferred tax expense:

2011 2010 2009 Federal: | | | | | | | | | | | | | Current | | $ | 3,884 | | | $ | 2,150 | | | $ | 1,922 | | Deferred | | | 2,998 | | | | 1,676 | | | | 1,077 | | | | | | | | | | | | | | | | | | 6,882 | | | | 3,826 | | | | 2,999 | | | | | | | | | | | | | | | State: | | | | | | | | | | | | | Current | | | 762 | | | | 655 | | | | 524 | | Deferred | | | 37 | | | |

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