Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28: 
Apple Inc.


CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
|    |                                              |                   |         |                   |            |                   |         |            |    |         |
|---:|:---------------------------------------------|:------------------|:--------|:------------------|:-----------|:------------------|:--------|:-----------|:---|:--------|
|  1 |                                              | Years ended       |         |                   |            |                   |         |            |    |         |
|  2 |                                              | September 30,2023 |         | September 24,2022 |            | September 25,2021 |         |            |    |         |
|  3 | Net sales:                                   |                   |         |                   |            |                   |         |            |    |         |
|  4 | Products                                     | $                 | 298,085 |                   |            | $                 | 316,199 |            | $  | 297,392 |
|  5 | Services                                     | 85,200            |         |                   | 78,129     |                   |         | 68,425     |    |         |
|  6 | Total net sales                              | 383,285           |         |                   | 394,328    |                   |         | 365,817    |    |         |
|  8 | Cost of sales:                               |                   |         |                   |            |                   |         |            |    |         |
|  9 | Products                                     | 189,282           |         |                   | 201,471    |                   |         | 192,266    |    |         |
| 10 | Services                                     | 24,855            |         |                   | 22,075     |                   |         | 20,715     |    |         |
| 11 | Total cost of sales                          | 214,137           |         |                   | 223,546    |                   |         | 212,981    |    |         |
| 12 | Gross margin                                 | 169,148           |         |                   | 170,782    |                   |         | 152,836    |    |         |
| 14 | Operating expenses:                          |                   |         |                   |            |                   |         |            |    |         |
| 15 | Research and development                     | 29,915            |         |                   | 26,251     |                   |         | 21,914     |    |         |
| 16 | Selling, general and administrative          | 24,932            |         |                   | 25,094     |                   |         | 21,973     |    |         |
| 17 | Total operating expenses                     | 54,847            |         |                   | 51,345     |                   |         | 43,887     |    |         |
| 19 | Operating income                             | 114,301           |         |                   | 119,437    |                   |         | 108,949    |    |         |
| 20 | Other income/(expense), net                  | (565)             |         |                   | (334)      |                   |         | 258        |    |         |
| 21 | Income before provision for income taxes     | 113,736           |         |                   | 119,103    |                   |         | 109,207    |    |         |
| 22 | Provision for income taxes                   | 16,741            |         |                   | 19,300     |                   |         | 14,527     |    |         |
| 23 | Net income                                   | $                 | 96,995  |                   |            | $                 | 99,803  |            | $  | 94,680  |
| 25 | Earnings per share:                          |                   |         |                   |            |                   |         |            |    |         |
| 26 | Basic                                        | $                 | 6.16    |                   |            | $                 | 6.15    |            | $  | 5.67    |
| 27 | Diluted                                      | $                 | 6.13    |                   |            | $                 | 6.11    |            | $  | 5.61    |
| 29 | Shares used in computing earnings per share: |                   |         |                   |            |                   |         |            |    |         |
| 30 | Basic                                        | 15,744,231        |         |                   | 16,215,963 |                   |         | 16,701,272 |    |         |
| 31 | Diluted                                      | 15,812,547        |         |                   | 16,325,819 |                   |         | 16,864,919 |    |         |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 28





, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30: 
Apple Inc.


CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares, which are reflected in thousands, and par value)
|    |                                                                                                                                                                      |                   |         |                   |          |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
|  1 |                                                                                                                                                                      | September 30,2023 |         | September 24,2022 |          |    |         |
|  2 | ASSETS:                                                                                                                                                              |                   |         |                   |          |    |         |
|  3 | Current assets:                                                                                                                                                      |                   |         |                   |          |    |         |
|  4 | Cash and cash equivalents                                                                                                                                            | $                 | 29,965  |                   |          | $  | 23,646  |
|  5 | Marketable securities                                                                                                                                                | 31,590            |         |                   | 24,658   |    |         |
|  6 | Accounts receivable, net                                                                                                                                             | 29,508            |         |                   | 28,184   |    |         |
|  7 | Vendor non-trade receivables                                                                                                                                         | 31,477            |         |                   | 32,748   |    |         |
|  8 | Inventories                                                                                                                                                          | 6,331             |         |                   | 4,946    |    |         |
|  9 | Other current assets                                                                                                                                                 | 14,695            |         |                   | 21,223   |    |         |
| 10 | Total current assets                                                                                                                                                 | 143,566           |         |                   | 135,405  |    |         |
| 12 | Non-current assets:                                                                                                                                                  |                   |         |                   |          |    |         |
| 13 | Marketable securities                                                                                                                                                | 100,544           |         |                   | 120,805  |    |         |
| 14 | Property, plant and equipment, net                                                                                                                                   | 43,715            |         |                   | 42,117   |    |         |
| 15 | Other non-current assets                                                                                                                                             | 64,758            |         |                   | 54,428   |    |         |
| 16 | Total non-current assets                                                                                                                                             | 209,017           |         |                   | 217,350  |    |         |
| 17 | Total assets                                                                                                                                                         | $                 | 352,583 |                   |          | $  | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY:                                                                                                                                |                   |         |                   |          |    |         |
| 20 | Current liabilities:                                                                                                                                                 |                   |         |                   |          |    |         |
| 21 | Accounts payable                                                                                                                                                     | $                 | 62,611  |                   |          | $  | 64,115  |
| 22 | Other current liabilities                                                                                                                                            | 58,829            |         |                   | 60,845   |    |         |
| 23 | Deferred revenue                                                                                                                                                     | 8,061             |         |                   | 7,912    |    |         |
| 24 | Commercial paper                                                                                                                                                     | 5,985             |         |                   | 9,982    |    |         |
| 25 | Term debt                                                                                                                                                            | 9,822             |         |                   | 11,128   |    |         |
| 26 | Total current liabilities                                                                                                                                            | 145,308           |         |                   | 153,982  |    |         |
| 28 | Non-current liabilities:                                                                                                                                             |                   |         |                   |          |    |         |
| 29 | Term debt                                                                                                                                                            | 95,281            |         |                   | 98,959   |    |         |
| 30 | Other non-current liabilities                                                                                                                                        | 49,848            |         |                   | 49,142   |    |         |
| 31 | Total non-current liabilities                                                                                                                                        | 145,129           |         |                   | 148,101  |    |         |
| 32 | Total liabilities                                                                                                                                                    | 290,437           |         |                   | 302,083  |    |         |
| 34 | Commitments and contingencies                                                                                                                                        |                   |         |                   |          |    |         |
| 36 | Shareholders' equity:                                                                                                                                                |                   |         |                   |          |    |         |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | 73,812            |         |                   | 64,849   |    |         |
| 38 | Accumulated deficit                                                                                                                                                  | (214)             |         |                   | (3,068)  |    |         |
| 39 | Accumulated other comprehensive loss                                                                                                                                 | (11,452)          |         |                   | (11,109) |    |         |
| 40 | Total shareholders' equity                                                                                                                                           | 62,146            |         |                   | 50,672   |    |         |
| 41 | Total liabilities and shareholders' equity                                                                                                                           | $                 | 352,583 |                   |          | $  | 352,755 |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 30







Question: What is the Payables Turnover Ratio for Apple Inc. for the year 2023?
Answer: The Payables Turnover ratio is calculated using the formula: Payables Turnover = Cost of Goods Sold / Average Accounts Payable. For Apple Inc. in 2023, the Cost of Goods Sold (Total cost of sales) is $214,137 million. The average accounts payable is calculated as the average of the accounts payable at the beginning and end of the year. The accounts payable at the end of 2023 is $62,611 million, and at the end of 2022, it was $64,115 million. Therefore, the average accounts payable is ($62,611 million + $64,115 million) / 2 = $63,363 million. The Payables Turnover ratio is $214,137 million / $63,363 million = 3.38