Apple now sites at 56 on the Fortune 500 list, “Fortune” magazine’s annual ranking of America’s largest corporations. That’s up from 71 on the previous year’s list.

“Fortune” says Apple’s profits are up 12.5% from 2009 and that, as of March 26, the company has over $53.8 billion in asssets. The top 10 on the list are Wal-Mart, Exxon Mobile, Chevron, General Electric, Bank of America Corp., ConocoPhilips, AT&T, Ford Motor, JP Morgan Chase & Co., and HP.