Obtain a copy of the annual report of Apple Inc. for the most recent year. You can find the annual report at the company's website (www.apple.com) in the investor information section or at the Securities and Exchange Commission's website (www.sec.gov) using EDGAR (Electronic Data Gathering, Analysis, and Retrieval). Form 10-K, which includes the annual report, is required to be filed on EDGAR. Search or scroll within the annual report to find the financial statements.

Required:

Determine the following from the company's financial statements:

1. What amount does the company report for accounts receivable? What does this amount represent?

2. What amount does the company report for accounts payable? What does this amount represent?

3. The company reports a single amount for accrued expenses in the liability section of the balance sheet. What are some possible liabilities included in this amount?

4. What amount does the company report for common stock? What does this amount represent?

5. Determine whether the company's total assets equal total liabilities plus total stockholders' (or shareholders') equity.

6. Apple refers to its income statement as the statement of operations. What amount does the company report for net sales? This amount represents sales of the company's products over what period of time?

7. What are some of the expenses listed in the income statement?

8. Do the company's total revenues exceed total expenses? By how much?