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Balance Sheet Data Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	40,546	25,077	41,601	67,155	74,181	58,892	63,839	69,201	75,014	81,316
Cash (%)
AccountReceivable	13,102	17,460	16,849	15,754	17,874	19,631	21,280	23,067	25,005	27,105
AccountReceivable (%)
Inventories	1,764	2,111	2,349	2,132	4,855	3,230	3,502	3,796	4,115	4,460
Inventories (%)
AccountsPayable	22,367	30,196	35,490	37,294	49,049	41,498	44,984	48,762	52,858	57,298
AccountsPayable (%)
AccruedLiabilities	5,217	7,689	25,181	22,027	25,744	19,631	21,280	23,067	25,005	27,105
AccruedLiabilities (%)
CapitalExpenditure	-9,076	-9,813	-11,488	-13,548	-12,795	-13,667	-14,815	-16,059	-17,408	-18,871
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	40,546	25,077	41,601	67,155	74,181
Cash (%)
AccountReceivable	13,102	17,460	16,849	15,754	17,874
AccountReceivable (%)
Inventories	1,764	2,111	2,349	2,132	4,855
Inventories (%)
AccountsPayable	22,367	30,196	35,490	37,294	49,049
AccountsPayable (%)
AccruedLiabilities	5,217	7,689	25,181	22,027	25,744
AccruedLiabilities (%)
CapitalExpenditure	-9,076	-9,813	-11,488	-13,548	-12,795
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	58,892	63,839	69,201	75,014	81,316
Cash (%)
AccountReceivable	19,631	21,280	23,067	25,005	27,105
AccountReceivable (%)
Inventories	3,230	3,502	3,796	4,115	4,460
Inventories (%)
AccountsPayable	41,498	44,984	48,762	52,858	57,298
AccountsPayable (%)
AccruedLiabilities	19,631	21,280	23,067	25,005	27,105
AccruedLiabilities (%)
CapitalExpenditure	-13,667	-14,815	-16,059	-17,408	-18,871
CapitalExpenditure (%)

To support growth, companies need to keep investing in capital items – including property, plants and equipment. To calculate this net investment,we take capital expenditure (found in the company’s statement of cash flows) and subtract non-cash depreciation (found on the income statement). Working capital refers to the cash a company needs for day-to-day operations. The faster a company expands, the more cash it will need. To calculate working capital, we take current assets and subtract current liabilities. You can find both of these on a company’s balance sheet, which is published in its quarterly and annual financial statements.

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