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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	25,077	41,601	67,155	74,181	66,301	70,500	77,972	86,238	95,379	105,489
Cash (%)
AccountReceivable	17,460	16,849	15,754	17,874	23,186	23,794	26,316	29,105	32,190	35,603
AccountReceivable (%)
Inventories	2,111	2,349	2,132	4,855	3,956	4,112	4,548	5,031	5,564	6,154
Inventories (%)
AccountsPayable	30,196	35,490	37,294	49,049	55,888	53,756	59,454	65,756	72,726	80,435
AccountsPayable (%)
AccruedLiabilities	6,480	25,181	22,027	25,744	-	20,856	23,067	25,512	28,216	31,207
AccruedLiabilities (%)
CapitalExpenditure	-9,813	-11,488	-13,548	-12,795	-13,313	-15,862	-17,544	-19,403	-21,460	-23,735
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	25,077	41,601	67,155	74,181	66,301
Cash (%)
AccountReceivable	17,460	16,849	15,754	17,874	23,186
AccountReceivable (%)
Inventories	2,111	2,349	2,132	4,855	3,956
Inventories (%)
AccountsPayable	30,196	35,490	37,294	49,049	55,888
AccountsPayable (%)
AccruedLiabilities	6,480	25,181	22,027	25,744	-
AccruedLiabilities (%)
CapitalExpenditure	-9,813	-11,488	-13,548	-12,795	-13,313
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	70,500	77,972	86,238	95,379	105,489
Cash (%)
AccountReceivable	23,794	26,316	29,105	32,190	35,603
AccountReceivable (%)
Inventories	4,112	4,548	5,031	5,564	6,154
Inventories (%)
AccountsPayable	53,756	59,454	65,756	72,726	80,435
AccountsPayable (%)
AccruedLiabilities	20,856	23,067	25,512	28,216	31,207
AccruedLiabilities (%)
CapitalExpenditure	-15,862	-17,544	-19,403	-21,460	-23,735
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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