Assignment FRA Part 4

PLEASE READ AND FOLLOW THESE INSTRUCTIONS CAREFULLY

 This is the fourth part (and final!) of your assignment for FRA.

 Do NOT submit this, or any, part of your assignment separately.

 The entire assignment will be submitted (as one document) in the final
week of this semester.

 As previously advised, details of seminars attended (maximum 2) will

be submitted with the assignment in order to claim bonus marks.

 The link for submitting the full completed assignment will be opened
on MyGUST in Week 15, on Monday June 7th until 11.59 pm on Friday
June 11th.

Once you have found the figures and completed the calculations, type in the
answers into the appropriate places in the table.

Complete the table for Apple and a company you been allocated.
Use figures provided on in this document for Apple.

The list of companies allocated for each student has been published on
MyGUST (April 4 – 10)

The purpose of this project is to develop your independent research

and analysis skills.

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Assignment FRA Part 4

Summary of steps to follow when you have been allocated a company

(published on MyGUST on April 4 - 10 ).

1. Read the instructions and guidance provided in this file and in the excel
file (on MyGUST) with the names and web addresses of each company.
2. Read the instructions again!
3. Try to find the figures you need applying your knowledge of Financial
Reporting and the guidance provided.
4. If not sure of a figure:
a. Read the instructions again!!
b. Check with your colleagues via WhatsApp etc.
c. Ask for clarification in class
5. The project will not be submitted until the final week of the semester
and you will have plenty of time find the relevant figures and (if
necessary) to check with your colleagues or to clarify anything in class.
6. If you are working on this late in the semester near the submission date
and cannot follow the steps outlined in 4 above, then make an
assumption and state this on the last page of the assignment.
7. As stated previously, and in fairness to the students who are following
the instructions provided, no checking of figures will be provided outside
of class hours. You can ask to chat at the end of the class if necessary.

If you have a critical urgent query relating to some issue not covered in the
lectures or in the notes on MyGUST, and the issue absolutely must be dealt
with before the next class, send an email (or if extremely urgent MS Teams
private message) sent should state the Course Code (FRA, Acct409-81 or 409-
82) in the subject header. Also, as a matter of basic business courtesy, please
acknowledge (with a brief email) any response received.

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 APPLE INC Balance Sheet
APPLE INC Income Statement [Abridged and Modified by Dr G]
CONSOLIDATED STATEMENTS OF OPERATIONS (In million $) Years ended Sept. 2013 2012
[Abridged and Modified by Dr G] ASSETS: $m $m
Current assets:
Years ended Sept. 2013 2012 2011 Cash & cash equivalents 14,259 10,746
$m $m $m Short-term Investments 26,287 18,383
Total sales 170,910 156,508 108,249 Accounts receivable 13,102 10,930
less: Cost of sales 106,606 87,846 64,431 Inventories 1,764 791
Other assets 17,874 16,803
Gross Profit 64,304 68,662 43,818 Total current assets 73,286 57,653
Operating expenses: Long-term Investments 106,215 92,122
Research & development 4,475 3,381 2,429 Prop., plant & equip. 16,597 15,452
Selling, general and Intangible assets 5,756 5,359
administrative 10,830 10,040 7,599 Other assets 5,146 5,478
Total non-current assets 133,714 118,411
less: Total operating exps. 15,305 13,421 10,028
TOTAL ASSETS 207,000 176,064
Operating Profit 48,999 55,241 33,790
add: Other income 1,000 522 415 LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Profits Before Interest & Tax 49,999 55,763 34,205 Accounts payable 22,367 21,175
less: Interest Expense 156 0 0 Accrued expenses 13,856 11,414
Deferred revenue 7,435 5,953
Profit Before Tax 50,155 55,763 34,205 Total current liabilities 43,658 38,542
less: Taxation 13,118 14,030 8,283
Non-Current liabilities:
Profit After Tax 37,037 41,733 25,922 Deferred revenue 2,625 2,648
Long-term debt 16,960 0
No. of Ord. Shares 6,521 6,614 6,563 Other 20,208 16,664
(in millions) Total non-current liabilities 39,793 19,312
Total Liabilities 83,451 57,854
Equity:
Common stock
[i.e. Ordinary shares] 19,764 16,422
Retained earnings 104,256 101,289
Other income/(loss) (471) 499
Total Equity 123,549 118,210
TOTAL LIABILITIES
AND EQUITY 207,000 176,064

Note:
Profit After Tax (PAT) is also known as Net Income

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 APPLE INC Balance Sheet
APPLE INC Income Statement [Abridged and Modified by Dr G]
CONSOLIDATED STATEMENTS OF OPERATIONS (In million $) Years ended Sept. 2019 2018
[Abridged and Modified by Dr G] ASSETS: $m $m
Current assets:
Years ended Sept. 2019 2018 Cash & cash equivalents 48,844 25,913
$m $m Short-term Investments 51,713 40,388
Total sales 260,174 265,595 Accounts receivable 22,926 23,186
less: Cost of sales 161,782 163,756 Inventories 4,106 3,956
Other assets 35,230 37,896
Gross Profit 98,392 101,839 Total current assets 162,819 131,339
Operating expenses: Long-term Investments 105,341 170,799
Research & development 16,217 14,236 Prop., plant & equip. 37,378 41,304
Selling, general and Intangible assets
administrative 18,245 16,705 Other assets 32,978 22,283
Total non-current assets 175,697 234,386
less: Total operating exps. 34,462 30,941
TOTAL ASSETS 338,516 365,725
Operating Profit 63,930 70,898
add: Other income 5,383 5,245 LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Profits Before Interest & Tax 69,313 76,143 Accounts payable 46,236 55,888
less: Interest Expense 3,576 3,240 Accrued expenses etc. 53,960 54,075
Deferred revenue 5,522 5,966
Profit Before Tax 65,737 72,903 Total current liabilities 105,718 115,929
less: Taxation 10,481 13,372
Non-Current liabilities:
Profit After Tax 55,256 59,531 Long-term debt 91,807 93,735
Long-term taxes 29,545 33,589
No. of Ord. Shares 4,618 4,955 Other 20,958 15,325
(in millions) Total non-current liabilities 142,310 142,649
Total Liabilities 248,028 258,578
Equity:
Common stock
[i.e. Ordinary shares] 45,174 40,201
Retained earnings 45,898 70,400
Other income/(loss) (584) (3,454)
Total Equity 90,488 107,147
TOTAL LIABILITIES
AND EQUITY 338,516 365,725

Note:
Profit After Tax (PAT) is also known as Net Income

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 TABLE 4
[NOTE: Please read the guidance notes below)
NAME OF COMPANY APPLE WALGREENS APPLE WALGREENS BOOTS
BOOTS ALLIANCE, INC. AND
ALLIANCE, INC. SUBSIDIARIES
AND (Note 1)
SUBSIDIARIES

(Note 1)
YEAR 2012 2014 2019 2020
(Note 2) (Note 3)
Ratio (Note 4)
Asset Turnover 0.89 Times 2.05 Times 0.77 Times 1.60 Times
Sales/Total Assets ( e.g. 0.89 Times )

Net Income Margin 27% 3% 0.3%

Net Income (aka PAT)/Sales x 100 21%
( e.g. 27% )

Return on Total Assets 24% 5% 1%

PAT/Total Assets x 100 ( e.g. 24% ) 16%

Financial Leverage 1.5 Times 1.8 3.7 Times 4.1 Times

Total Assets/Equity ( e.g. 1.5 Times )

Return on Equity 35% 9% 61% 2%

PAT/Equity x 100 ( e.g. 35% )

GUIDELINES FOR TABLE 4

Note 1
Please insert the name of the company allocated to you
( see the Allocation of Companies Excel File on MyGUST 4 April – 10 April ).

Note 2
Please insert the earliest year for your company
( see the Excel File __V3-A_FRA Co Project List on MyGUST 4 April – 10 April ).

Note 3
Please insert the latest year for your company
( see the Excel File __V3-A_FRA Co Project List on MyGUST 4 April – 10 April ).

Note 4
There is no need to show workings.

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Please make sure to put your answer in the correct format, similar to the examples provided
for each ratio.
Please also follow the standard guidelines for the number of decimal places (see table on
next page).

Decimal Places
Greater Than Less Than No of Decimal Examples
or Equal to or Equal to Places
N/A 0.99 2 0.786 0.79
0.784 0.78

1.1 9.9 1 4.28 4.3

4.23 4.2

10 N/A 0 19.6 20
19.4 19

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