{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T07:09:12-04:00", "answer_date": "2024-06-28 07:09:12", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4260755", "url": "\/study-help\/questions\/16-the-following-summarized-data-amounts-in-millions-are-taken-4260755", "question_creation_date_js": "2024-06-28T07:09:12-04:00", "question_creation_date": "Jun 28, 2024 07:09 AM", "meta_title": "[Solved] 16. The following summarized data (amount | SolutionInn", "meta_description": "Answer of - 16. The following summarized data (amounts in millions) are taken from the September 24, 2011, and September 25, 2010, | SolutionInn", "meta_keywords": "16,summarized,data,amounts,millions,september,24,2011,25,2010,comparative,financial,statements", "question_title_h1": "16. The following summarized data (amounts in millions) are taken from the September 24, 2011, and September 25, 2010,comparative financial statements of Apple Inc., a", "question_title": "16. The following summarized data (amounts in millions) are taken from the", "question_title_for_js_snippet": "16 The following summarized data (amounts in millions) are taken from the September 24, 2011, and September 25, 2010,comparative financial statements of Apple Inc , a manufacturer of personal computers, portable digital music players, and mobile communications devices, along with a variety of related software, services, peripherals, and networking solutions (Amounts Expressed in Millions) For the Fiscal Years Ended September 24 and September 25, respectively 2011 2010 Net sales $ 108,430 $ 65,400 Costs of sales 64,610 39,7201 Operating income 33,980 18,560 Net income $ 26,080 $ 14,190 At Year End Assets Current assets Cash and cash equivalents $ 9,410 $ 10,550 Short term marketable securities 16,310 14,540 Accounts receivable, net 5,550 5,700 Inventories 960 1,230 Deferred tax assets 2,200 1,810 Vendor nontrade receivables 6,530 4,590 Other current assets 4,710 3,620 Total current assets 45,670 42,040 Long term marketable securities 55,800 25,570 Property, plant, and equipment, net 7,960 4,940 Goodwill 1,090 920 Acquired intangible assets, net 3,720 520 Other assets 3,740 2,440 Total assets $ 117,980 $ 76,430 Liabilities and Shareholders Equity Current liabilities Accounts payable $ 14,810 $ 12,190 Accrued expenses 9,430 5,900 Deferred revenue 4,280 3,160 Total current liabilities 28,520 21,250 Deferred revenuenoncurrent 1,870 1,320 Other noncurrent liabilities 10,290 5,710 Total liabilities 40,680 28,280 Shareholders equity Common stock, no par value, 1,800,000 shares authorized 929,460 and 916,160 shares issued and outstanding, respectively 13,520 10,840 Retained earnings 63,150 37,350 Accumulated other comprehensive income (loss) 630 40 Total shareholders equity 77,300 48,150 Total liabilities and shareholders equity $ 117,980 $ 76,430 At September 26, 2009, total assets were $47,880 and total shareholders equity was $31,830 Required a Calculate Apple Inc s working capital, current ratio, and acid test ratio at September 24, 2011, and September 25, 2010 (Round your ratio answers to 1 decimal place (e g , 32 1) Enter working capital in million of dollars ) 2011 2010 Working Capital Current Ratio Acid Test Ratio", "question_description": "

16. <\/p>

The following summarized data (amounts in millions) are taken from the September 24, 2011, and September 25, 2010,comparative financial statements of Apple Inc., a manufacturer of personal computers, portable digital music players, and mobile communications devices, along with a variety of related software, services, peripherals, and networking solutions.<\/p>
(Amounts Expressed in Millions) For the Fiscal Years Ended September 24 and September 25, respectively:<\/td> 2011<\/td> 2010<\/td> <\/tr>
Net sales<\/td> $<\/td> 108,430 <\/td> $<\/td> 65,400 <\/td> <\/tr>
Costs of sales<\/td> <\/td> 64,610 <\/td> <\/td> 39,7201 <\/td> <\/tr>
Operating income<\/td> <\/td> 33,980 <\/td> <\/td> 18,560 <\/td> <\/tr>
Net income<\/td> $<\/td> 26,080 <\/td> $<\/td> 14,190 <\/td> <\/tr>
At Year End:<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
Assets<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
Current assets:<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
Cash and cash equivalents<\/td> $<\/td> 9,410 <\/td> $<\/td> 10,550 <\/td> <\/tr>
Short-term marketable securities<\/td> <\/td> 16,310 <\/td> <\/td> 14,540 <\/td> <\/tr>
Accounts receivable, net<\/td> <\/td> 5,550 <\/td> <\/td> 5,700 <\/td> <\/tr>
Inventories<\/td> <\/td> 960 <\/td> <\/td> 1,230 <\/td> <\/tr>
Deferred tax assets<\/td> <\/td> 2,200 <\/td> <\/td> 1,810 <\/td> <\/tr>
Vendor nontrade receivables<\/td> <\/td> 6,530 <\/td> <\/td> 4,590 <\/td> <\/tr>
Other current assets<\/td> <\/td> 4,710 <\/td> <\/td> 3,620 <\/td> <\/tr>
<\/td><\/tr>
Total current assets<\/td> <\/td> 45,670 <\/td> <\/td> 42,040 <\/td> <\/tr>
Long-term marketable securities<\/td> <\/td> 55,800 <\/td> <\/td> 25,570 <\/td> <\/tr>
Property, plant, and equipment, net<\/td> <\/td> 7,960 <\/td> <\/td> 4,940 <\/td> <\/tr>
Goodwill<\/td> <\/td> 1,090 <\/td> <\/td> 920 <\/td> <\/tr>
Acquired intangible assets, net<\/td> <\/td> 3,720 <\/td> <\/td> 520 <\/td> <\/tr>
Other assets<\/td> <\/td> 3,740 <\/td> <\/td> 2,440 <\/td> <\/tr>
<\/td><\/tr>
Total assets<\/td>

$<\/p> <\/td>

117,980 <\/p> <\/td>

$<\/p> <\/td>

76,430 <\/p> <\/td> <\/tr>

<\/td><\/tr>
Liabilities and Shareholders Equity<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
Current liabilities:<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
Accounts payable<\/td> $<\/td> 14,810 <\/td> $<\/td> 12,190 <\/td> <\/tr>
Accrued expenses<\/td> <\/td> 9,430 <\/td> <\/td> 5,900 <\/td> <\/tr>
Deferred revenue<\/td> <\/td> 4,280 <\/td> <\/td> 3,160 <\/td> <\/tr>
<\/td><\/tr>
Total current liabilities<\/td> <\/td> 28,520 <\/td> <\/td> 21,250 <\/td> <\/tr>
Deferred revenuenoncurrent<\/td> <\/td> 1,870 <\/td> <\/td> 1,320 <\/td> <\/tr>
Other noncurrent liabilities<\/td> <\/td> 10,290 <\/td> <\/td> 5,710 <\/td> <\/tr>
<\/td><\/tr>
Total liabilities<\/td> <\/td> 40,680 <\/td> <\/td> 28,280 <\/td> <\/tr>
Shareholders equity:<\/td><\/tr>
Common stock, no par value, 1,800,000 shares<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
authorized; 929,460 and 916,160 shares issued<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
and outstanding, respectively<\/td> <\/td> 13,520 <\/td> <\/td> 10,840 <\/td> <\/tr>
Retained earnings<\/td> <\/td> 63,150 <\/td> <\/td> 37,350 <\/td> <\/tr>
Accumulated other comprehensive income (loss)<\/td> <\/td> 630 <\/td> <\/td> 40 <\/td> <\/tr>
Total shareholders equity<\/td> <\/td> 77,300 <\/td> <\/td> 48,150 <\/td> <\/tr>
<\/td><\/tr>
Total liabilities and shareholders equity<\/td> $<\/td> 117,980 <\/td> $<\/td> 76,430 <\/td> <\/tr>
<\/td><\/tr> <\/tbody><\/table>
At September 26, 2009, total assets were $47,880 and total shareholders equity was $31,830.<\/td><\/tr><\/tbody><\/table>
Required:<\/td><\/tr><\/tbody><\/table>
a.<\/td>

Calculate Apple Inc.s working capital, current ratio, and acid-test ratio at September 24, 2011, and September 25, 2010. (Round your ratio answers to 1 decimal place. (e.g., 32.1). Enter working capital in million of dollars.)<\/p> <\/td> <\/tr>

<\/td>

<\/p>
<\/td> 2011<\/td> 2010<\/td> <\/tr>
Working Capital<\/td> <\/td> <\/td> <\/tr>
Current Ratio<\/td> <\/td> <\/td> <\/tr>
Acid-Test Ratio<\/td> <\/td> <\/td> <\/tr> <\/tbody><\/table> <\/td> <\/tr> <\/tbody><\/table>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting Tools for Business Decision Making ", "isbn": "1118856996, 978-1118856994", "edition": "4th Canadian edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. 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