Apple 1997 Annual Report Download - page 34

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CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS)
ASSETS:
See accompanying notes to consolidated financial statements.
31
SEPTEMBER 26, 1997 AND SEPTEMBER 27, 1996 1997 1996
------------------------------------------------------------------------------------------------ --------- ---------
Current assets:
Cash and cash equivalents..................................................................... $ 1,230 $ 1,552
Short-term investments........................................................................ 229 193
Accounts receivable, net of allowance for doubtful accounts of $99 ($91 in 1996).............. 1,035 1,496
Inventories:
Purchased parts............................................................................. 141 213
Work in process............................................................................. 15 43
Finished goods.............................................................................. 281 406
--------- ---------
437 662
Deferred tax assets........................................................................... 259 342
Other current assets.......................................................................... 234 270
--------- ---------
Total current assets...................................................................... 3,424 4,515
--------- ---------
Property, plant, and equipment:
Land and buildings............................................................................ 453 480
Machinery and equipment....................................................................... 460 544
Office furniture and equipment................................................................ 110 136
Leasehold improvements........................................................................ 172 188
--------- ---------
1,195 1,348
Accumulated depreciation and amortization..................................................... (709) (750)
--------- ---------
Net property, plant, and equipment........................................................ 486 598
--------- ---------
Other assets.................................................................................... 323 251
--------- ---------
$ 4,233 $ 5,364
--------- ---------
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Notes payable to banks........................................................................ $ 25 $ 186
Accounts payable.............................................................................. 685 791
Accrued compensation and employee benefits.................................................... 99 120
Accrued marketing and distribution............................................................ 278 257
Accrued warranty and related.................................................................. 128 181
Accrued restructuring costs................................................................... 180 117
Other current liabilities..................................................................... 423 351
--------- ---------
Total current liabilities................................................................. 1,818 2,003
--------- ---------
Long-term debt.................................................................................. 951 949
Deferred tax liabilities........................................................................ 264 354
Commitments and contingencies
Shareholders' equity:
Series A non-voting convertible preferred stock, no par value; 150,000 shares authorized,
issued and outstanding...................................................................... 150 --
Common stock, no par value; 320,000,000 shares authorized; 127,949,220 shares issued and
outstanding in 1997 (124,496,972 shares in 1996)............................................ 498 439
Retained earnings............................................................................. 589 1,634
Other......................................................................................... (37) (15)
--------- ---------
Total shareholders' equity................................................................ 1,200 2,058
--------- ---------
$ 4,233 $ 5,364
--------- ---------
--------- ---------