The financial statements of Apple Inc. are presented in Appendix A.

Instructions

Answer the following questions using the financial statements and the notes to the financial statements.

a. What were Apple's total current assets at September 26, 2020, and September 28, 2019?

b. Are the assets included in current assets listed in the proper order? Explain.

c. How are Apple's assets classified?

d. What were Apple's current liabilities at September 26, 2020, and September 28, 2019?

Data from Appendix A

Transcribed Image Text:

Net sales: Products Services Total net sales Cost of sales: Products Services Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Total cost of sales Gross margin Years ended September 26, September 28, September 29, 2020 2019 2018 $ 220,747 53,768 274,515 151,286 18,273 169,559 104,956 $ 213,883 46,291 260,174 144,996 16,786 161,782 98,392 $ 225,847 39,748 265,595 148,164 15,592 163,756 101,839