Refer to Apple's financial statements in Appendix A to answer the following. 1. For the fiscal year

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Refer to Apple's financial statements in Appendix A to answer the following.

1. For the fiscal year ended September 26, 2015, what amount is credited to Income Summary to summarize its revenues earned?

2. For the fiscal year ended September 26, 2015, what amount is debited to Income Summary to summarize its expenses incurred?

3. For the fiscal year ended September 26, 2015, what is the balance of its Income Summary account before it is closed?


Apple's financial statements From Appendix A

Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par va

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

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