Basic english question - apostrophe use

[Guest2]

I know this is a very basic question but I dont really know sometimes

I thought you use 's instead of is, for shortening something.

Example

Pete's going to the park

However what do you use here, nothing or s'

Petes' wallet

Or

Here are some examples

 

[Guest2]

Pete's Wallet

Petes' Wallet would imply that his name is 'Petes'.

So is that if the wallets name is Pete? I never really know when you use Petes'

I feel sorry for foreign people. (even though most of the world speaks it, at least they dont have to write it)

 

[Guest2]

So "My boss' going to the beach"

"My bosses wallet"

Never "My boss's going for a walk"