1. Obtain Apple Inc's 2021 annual report either using the "Irvestor Relations" portion of its website (do a web search for Apple investor relations) or go to http. // www. sec.gov and click "Search for company filings" under "Flings and Forms (EDGAR". Required: When Apple sells an iPad, how many performance obligations does the company recognize? What do the performance obligations represent? 1. What amount of deferred revenue does Apple recognize as of September 25, 2021? How much of the deferred revenue does Apple estimate that it will recognize as revenue in the next fiscal year? 2. When Apple sells an iPhone, when does the company recognize revenue on the hardware and bundled software? 3. Which of Apple's products had the largest percentage revenue growth from fiscal year 2020 to 2021? 4. Does Apple have a higher gross profit margin on its products or services? 2. Obtain Manchester United plc's 2021 annual report by using the "Investor Relations" portion of its website (do a web search for Manchester United investor relations). RBQUIRED: 1. What amount of revenue from contracts with customers did Manchester United recognize in the fiscal year ended June 30, 2021? 2. What amount of accrued revenue does Manchester United recognize as of June 30,2021 ? How much of the accrued revenue does Manchester United estimate that it will recognize as revenue in the next fiscal year? 3. What amount of deferred revenue does Manchester United recognize as of June 30,2021 ? How much of the deferred revenue does Manchester United estimate that it will recognize as revenue in the next fiscal year? How much cash was received by Manchester recognize as of june 30,2021 ? How much of the deferred revenue does Manchester United estimate that it will recognize as revenue in the next fiscal year? How much cash was received by Manchester United in the fiscal year ending June 30,2021 , that resulted in deferred revenue? 4. Which of Manchester United's revenue components had the largest decline from fiscal year 2020 to 2021 ? 3. Prior to the FASB and IASB's passage of its new revenue recognition models, companies recognized revenue when it was eamed and realized. The principles of eamed and realized were replaced with a core principle which states that companies should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To accomplish this core principle, the FASB and the IASB stated that companies should follow a five-step process. REQUIRED: - Discuss the five-step process that companies should use to accomplish the core principle of revenue recognition
