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The Yale School of Management International Center for Finance (ICF) provides academic and professional support for research in financial economics. Part of the academic support that the ICF provides goes toward the development of finance case studies to be used in classes as teaching instruments. Along with the ICF’s financial contributions, Yale SOM alumni and ICF Advisory Board members also assist in funding and creating finance case studies.

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Below are some of the most recent finance case studies featured on our ICF website:  

Apple Company’s Financial Management Case Study

Company background, discussion questions, works cited.

Apple Inc. is one of the leading electronic companies in the global market. The current chairman of this company is Arthur D. Levinson and the chief executive officer is Tim Cook. The company produces and sells several products which include Mac, iPhone, Apple Watch, iPod, Apple Television, iOS, iLife, watchOS, iWork, and tvOS (Everett, Johnson, and Madden 87). The company also offers several services which include Apple Play, iTunes Stores, Apple Store, Apple Music, iBook Store, Mac App Store, and iCloud among other services (Wood 62). The last time Apple Inc. released its quarterly report was on July 26, 2016, posting revenue of USD 42.4 billion and a net income of USD 7.8 billion. The last time this company released a full financial report was on October 27, 2015. Ernst & Young LLP is the independent auditing company been responsible for the development of financial statements of Apple Inc. This giant electronic company is currently trading in the National Association of Securities Dealers Automated Quotations (NASDAQ) Stock Market (Pratt 32).

Who is responsible for the preparation of the financial statements?

Preparation of Apple Inc’s financial statement is the responsibility of the company’s senior vice president and chief financial officer, Mr. Peter Oppenheimer (Dreyer and Greisler 44). However, the statements must be approved by the chief financial officer, Mr. Timothy D. Cook. This is confirmed by the declaration of these two senior officials at the end of the company’s audited financial documents as shown in appendix 4. The independent auditor, which in this case is Ernst & Young LLP, must also approve the documents.

Which Big-Four accounting firm audited the company?

PricewaterhouseCoopers (PwC), Deloitte, Ernst & Young, and KPMG are the top four auditing firms in the global arena. Of these Big-Four accounting companies, it was Ernst & Young that audited Apple Inc. in the last financial year. Lashinsky says that Ernst & Young has been auditing this firm since 2009 (92). The auditor’s report gives the impression that Apple Inc’s performance is good. In their statement as seen in Wood, it read in part, “We consent to the Statements on Forms S-8 of Apple Inc. and the effectiveness of internal control over financial reporting of Apple Inc., included in this Annual Report on Form 10-K” (88). The report confirms the impressive financial reports provided by the chief financial officer. This is a strong indication that auditors can trust the financial health of this company as far as the independent auditors are concerned.

For the recent three years, list the amounts reported for Revenue, Operating Income (EBIT), Net Income and Dividends

Analyzing the financial statements of this firm may be very important for an investor who is planning to buy shares of this company. In this section, the focus will be to analyze the company’s revenues, operating income, and net income as shown in the income statement in appendix 1.

The company’s total revenue for the year ended September 9, 2013, was USD 170,910,000. This value increased to USD 182,795,000 on September 27, 2014. The revenues improved further a year later when the company received USD 233,715,000 on September 26, 2015 (Lashinsky 95).

Operating income

Apple Inc. had an operating income of USD 48,999,000 as reported on September 9, 2013. In the subsequent year of 2014, the company had an operating income of USD 52,503,000. In 2015, the company had an operating income of 71,230,000 (Dreyer and Greisler 74).

Net income and dividends

The net income for Apple Inc. for the financial year ending September 9, 2013, was USD 37,037,000 and the dividend was 10,564,000. In the year 2014, the company had a net income of USD 39,510,000 and a dividend of 11,126,000. In the financial year that ended on September 26, 2015, the company registered a net income of USD 53,394,000 and a dividend of 11,561,000 (Wood 58).

Comments on the documents

The three statements of the firm strongly suggest that Apple Inc is moving in the right direction financially. The revenues of the firm have registered a consistent rise over the last three years. The operating income and net income have also been increasing over the same period. It is, therefore, possible to suggest that this company is expanding and shareholders can be sure of getting impressive returns on their investments. It is also clear that the company has been paying dividends to its shareholders over the last three years. The dividends have been increasing.

Is the balance sheet presented in a classified and comparative format?

The balance sheet of this company, shown in appendix 3 below, is presented in a comparative and classified manner. As shown in the appendix, it is possible to compare the financial performance of this company over the last three years because of this classified and comparative format that has been used in the development balance sheet.

For the recent three years, list the amounts reported for “Current Assets”, “Long term Assets”, “Intangibles”, “Current Liabilities”, “Long term debt” and “Stockholders’ Equity”

Current assets.

As shown in the balance sheet of Apple Inc, its total assets for the year ended September 9, 2013, was USD 73,286,000. There was a slight decline in 2014 when the total assets were USD 68,531,000. The value increased to USD 89,378,000 in the financial year ended on September 26, 2015.

Long term assets

In the financial statement of this firm for the year that ended September 9, 2013, this company’s long term assets were valued at USD 133,714,000. In the financial year that ended September 27, 2014, the company’s long term assets were valued at USD 163,308,000. In the financial year that ended September 26, 2015, the value of the long term assets was USD 201,101,000.

Intangible assets

The intangible assets were valued at USD 4,179,000 in 2013. The value decreased to USD 4,142,000 in 2014, and in 2015 it was USD 3,893,000.

Current liabilities

The current liabilities for the firm were valued at USD 43,658,000 in 2013, in 2014 it was USD 63,448,000, and in 2015 it was USD 80,610,000.

Stockholder’s equity

The stockholder’s equity for the year 2013 was USD 123,549,000. The value decreased in 2014 to USD 111,547,000 and in 2015 it was USD 119,355,000.

The accounting equation for the company within three years holds. The company is expanding.

Does the company use cash-base or accrual-base accounting?

Apple Inc uses accrual basis accounting because the income statements show that revenues are reported when they are earned and expenses are reported when they occur. This is completely different from the principle used in cash-base accounting.

List the net cash flows from each of the three activities: operating, investing and financing

Operating activities.

As shown in appendix 2 below, the operating cash flow from operating activities in 2013 was USD 53,666,000. In 2014, it increased to USD 59,713,000 and in 2015, this value increased to USD 81,266,000.

Investing activities

Apple Inc’s cash flow from investing activities in 2013 was USD -33,774,000. In 2014, the value was -22-579,000. The year ending on September 26, 2015, saw the value decrease to USD -56,274,000.

Financing activities

Cash flow from the operating was USD -16,379,000 in the year 2013. It reduced to USD -37,549,000 in 2014. There was an improvement in 2015 when the value increased to USD -17,716,000.

The income statement of this company over the past three years shows that its income primarily comes from its operating activities. The values are shown in the investing activities and financing activities shows that this firm is spending a lot to expand its operations.

For the recent three years, what are the Earnings per Share (EPS)?

Hussey defines Earnings per Share as “the portion of a company’s profit that is allocated to each outstanding share of common stock, serving as an indicator of the company’s profitability” (71). The formula for EPS is EPS= /Average Outstanding Shares. For Apple Inc, its earnings per share within the three years are as follows.

Dreyer, Arek, and Ben Greisler. Os X Server Essentials 10.10: Using and Supporting Os X Server on Mountain Lion , Berkeley: Peachpit Press, 2015. Print.

Everett, Ronald, Donald Johnson, and Bernard Madden. Financial Accounting for School Administrators: Tools for Schools , Lanham: Rowman & Littlefield Education, 2012. Print.

Hussey, Roger. Fundamentals of International Financial Accounting and Reporting , Singapore: World Scientific, 2010. Print.

Lashinsky, Adam. Inside Apple: How America’s Most Admired-and Secretive-Company Works , New York: Business Plus, 2012. Print.

Pratt, Jamie. Financial Accounting in an Economic Context , Hoboken: Wiley & Sons, 2011. Print.

Wood, Mark. Apple Pro Training Series: Pages, Numbers, and Keynote , New York: Cengage, 2015. Print.

Appendix 1: Income Statement

All numbers in thousands

Appendix 2: Cash Flow

Appendix 3: balance sheet, appendix 4: certification of chief executive officer and chief financial officer.

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Timothy D. Cook, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 24, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of Apple Inc.

October 26, 2011

I, Peter Oppenheimer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 24, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of Apple Inc.

A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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IvyPanda. (2020, August 11). Apple Company's Financial Management. https://ivypanda.com/essays/apple-companys-financial-management/

"Apple Company's Financial Management." IvyPanda , 11 Aug. 2020, ivypanda.com/essays/apple-companys-financial-management/.

IvyPanda . (2020) 'Apple Company's Financial Management'. 11 August.

IvyPanda . 2020. "Apple Company's Financial Management." August 11, 2020. https://ivypanda.com/essays/apple-companys-financial-management/.

1. IvyPanda . "Apple Company's Financial Management." August 11, 2020. https://ivypanda.com/essays/apple-companys-financial-management/.

Bibliography

IvyPanda . "Apple Company's Financial Management." August 11, 2020. https://ivypanda.com/essays/apple-companys-financial-management/.

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Ig wealth management annual estate planning study: critical gaps exist in canadians' knowledge.

Less than half of Canadians are familiar with several components of estate planning such as powers of attorney, wills, insurance and tax implications

WINNIPEG, MB , May 29, 2024 /CNW/ - According to IG Wealth Management's (IG) annual estate planning study, the majority of Canadians are not familiar with many of the key components needed for a comprehensive estate plan. The results are concerning given the increased importance of estate planning due to Canada's aging population.

The study, conducted in partnership with Pollara Strategic Insights, found that just 46 per cent of adult Canadians report having general knowledge about estate plans. When asked further, less than half are familiar with many key features:

• just 50 per cent are aware of how a power of attorney works;
• forty-seven per cent understand the role a will plays;
• only 37 per cent are familiar with how taxes impact assets after death; and
• forty-five per cent appreciate the important role life insurance can play in protecting the value of one's estate.

Further, the study found that only one-third of Canadians have an estate plan in place (up from 25 per cent a year ago).

"While it's encouraging that there's been an increase in the number of Canadians who report having an estate plan, it's still quite low," said Christine Van Cauwenberghe , Head of Financial Planning, IG Wealth Management. "It's also concerning that a majority of us are unfamiliar with so many of the critical pieces that make one up. It's important because eventually we'll all have to deal with estate planning directly as we age or through a parent or elderly relative."

Ms. Van Cauwenberghe noted that a properly constructed estate plan allows for the distribution of assets according to an individual's wishes, in a tax-efficient manner.

"Take, for example, life insurance. Not only does it play an important role in helping provide financial security for one's family in the event of death, it can also help offset the associated costs of a wealth transfer, including probate fees and taxation, to ensure the next generation receives an inheritance amount from the estate as intended. The reality is that passing down assets, like a family cottage, can often result in a significant tax burden. Life insurance payouts, which are tax-exempt, can help offset these costs and allow the property to remain in the family."

The Role of the Financial Advisor

The study also uncovered that, of those who work with a financial advisor, just half (52 per cent) have had conversations with their advisor about the need for an estate plan.

"You should expect more from your advisor and only work with one who not only understands how a comprehensive estate plan can safeguard your assets for the long-term, but who also has the experience and foresight to build one out," concluded Ms. Van Cauwenberghe .

About the Pollara Study

This study was conducted with an online sample of 1,000 adult Canadians aged 18 years and above. This research was conducted from April 30th to May 3rd, 2024 . Results from a random sample of this size can be considered accurate to within ±3.1%. 19 times out of 20.

About IG Wealth Management

Founded in 1926, IG Wealth Management is a national leader in delivering personalized financial solutions to Canadians through a network of advisors located across Canada . IG Wealth Management has $125.7 billion in assets under advisement as of April 30, 2024 , and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial, together with its subsidiaries, is one of Canada's leading diversified wealth and asset management companies with approximately $247 billion in total assets under management and advisement as of April 30, 2024 .

SOURCE IG Wealth Management

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