a. $4,946. b. $223,546. c. $394,328. d. $170,782. QUESTION 19 1. Assuming rising prices, Apple's inventory method results in less net income than if LIFO was used. Thue False QUESTION 20 1. Calculate Apple's inventory turnover ratio (Total cost of sales / Inventories) for the last two balance sheet dates. Apple sold inventory: a. quicker in the most recent reporting than in the prior reporting period. b. slower in the most recent reporting than in the prior reporting period. c. at the same rate in the most recent reporting as in the prior reporting period. d. cannot be determined. QUESTION 13 1. When Apple collects an accounts receivable from a customer: a. net income does not change. h total assets increase. c. retained earnings increase. d accounts payable decreases. QUESTION 14 1. Apple's most recent income statement shows the company's tesults of operations: a. At December 31, 2022 b. For year ended September 24, 2022. c. At September 24, 2022. d. For the year ended December 31, 2022. QUESTION 15 1. Apple's total net earned revenue from both cash and credit sales for its most recent year end was (in millionst a. $28,184. b $99,803. c. $170.782 d $394,328. QUESTION 16 1. How much did Apple's total revenues exceed its total expenses duning the most recent reporting period (in milions)? a. $394,328 b. $170,782 c. $119.437. d. $99,803. QUESTION 17 1. At the most recent balance sheet date, how much imventory did Apple have on hand (in milions)? a. $4,946. b. 5201,471 . c. $223,546. d 5135,405 QUESTION 18 1. Apple's total cost of inventory and services sold during the recent reporting period was fin millions) QUESTION 7 1. At the most recent balance sheet date, Apple's current liablities were a targer percentage of total liabilities than its non-current liabilities. a. True. b. False. QUESTION 8 1. At the most recent balance date, the amount of cash that Apple expected to collect from its customers from credit sales was (in millions): a. $23,646, b. $135.405. c. $28,184. d. $394,328. QUESTION 9 1. Does Apple separately disclose on its balance sheet the amount it owes for expenses already incurred on its the income statement? a. Yes. b. No. QUESTION 10 1. Does Apple separately disclose on its balance sheet the amount of cash it paid in advance for goods and services? a. Yes. b. No. QUESTION 11 1. Round your following computation to two decimal places (5.6793=5.68). Based on Apple's current ratio (current assets / current liabilites), the company's liquidity has: a. increased over the past two balance sheet dates. h. decreased over the last two balance sheet dates. c. stayed the same over the last two balance sheet dates: d. cannot be deterfinines QUESTION 12 1. Which of Apple's accounts was increased when the company made a credit sale? a. Cash, b Inventories. c. Accounts receivable. . Accounts payable. QUESTION 1 1. Apple's most recent balance sheet is a picture of the company's financial position: a. For year ended December 31, 2022 b. At December 31, 2021. c. AlSeptember 24, 2022. d. For the year ended September 24, 2022. QUESTION 2 1. At the most recent balance sheet date, Apple's accounting equation was (in milions): a. Assets $135,405= Liabities $153,982 + Shareholders' equily \$50.672. h. Assets $352,755= Liabilies $302,083+ + Shareholders' equby $50,672. c. Assets \$352,755 - Liabilities \$153,982 = \$haveholders' equily $5,672. Assets $352,755 = Liablites $148,101 + Shareholders equty $50,672 QUESTION 3 1. How much did Apple have in tolal economic resources (in miliens) at the most recent balance shoet? a. $352,755. h. $135,405. c. $23,646. $28,184. QUESTION 4 1. How much in total did Apple owe is credifors at the most recent balance sheet dalte (in millions)? a. $64,115. A. $153,982. c. $148,101. 4. \$302.083. QUESTION 5 1. At the most recent balance sheet date, Apple's smallest current asset is: a. invemories. h. Marketable securities. c. Oner current assets. d Accounts receivable, not. QUESTION 6 1. Which of Apple's accounts is a current liabilicy? a. Accounts payable. h. Deferred revenue. c. Commercial paper. d. All of the above. Note 4 - Consolidated Financial Statement Details The following tables show the Company's consclidated financial statement detals as of September 24, 2022 and September 25, 2021 (in millions): Other Income/(Expense), Net The following table shows the detail of OISE for 2022, 2021 and 2020 (in millions): Note 5 - Income Taxes Provision for Income Taxes and Effective Tax Rate The provision for income taxes for 2022, 2021 and 2020, consisted of the following (in millions): The foreign provision for income taxes is based on foreign pretax eamings of $71.3 bllion, s68.7 billon and $38.1 bllion in 2022 . 2021 and 2020 , respectively. For the sale of third.party products where the Company obtains control of the product before transferring it to the customet, the Company rocognizes revenue based on the gross amount blled to customers. The Company censiders mutiple tactors when dotermining whother it obtains control of third-party proctucts, including evaluating if it can pstablish the price of the product. retains inventory risk for tangible peoducts or has the responsibilfy for ensuring acceptability of the product. For thirdparty applications sold through the App Store and certain digtal content sold through the Company's other digital content stores, the Company does not obtain control of the product betore transferring it to the customer, Therefore, the Company accourts for such sales on a net basis by recogrizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remited to governmental authorities. with the colected taxes recorded within other current liabilfies until nemithed to the relevant govemment authority. Share-Based Compensation The Company generally measures share-based compensation based on the clouing price of the Compary/s common stock on the date of grant, and recogrizes expense on a straight-line basis for its estimate of equily awards that will uttimately vest. Further information regarding share-based compensation can be lound in Note 9, Benefit Plans." Earnings Per Share The following table shows the computation of basic and difuted earnings per share for 2022.2021 and 2020 (net income in millions and shares in thousands): The Company applies the treasury stock method to detemine the divive eflect of potentally olutive securities. Cash Equivalents and Marketable Securities Al highly liquid investments with mafurities of three months or leas at the date of purchase are classilied as cash equhalents. The Comparyst investmems in marketable debt securlies have been classilied and accounted for as avalable-tor-sale. The Company classifies its marketable debt securities as elther short-term or long-term based on each instrument's undething contractial maturity date. The Company's investments in marketable equity securites are classified based on the nature of the secunties and their availabily for use in ourrent operations. The cost of securities sold is determined using the specific identification melhod. Inventories For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Compary recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when dotermining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store and certain digital content sold through the Company's other digital content stores, the Compary does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remilted to the relevant government authority. Share-Based Compensation The Company generally measures share-based compensation based on the closing price of the Company's common stock on the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. Further information regarding share-based compensation can be found in Note 9, "Benefit Plans." Earnings Per Share The following table shows the computation of basic and diluted eamings per share for 2022, 2021 and 2020 (net income in millions and shares in thousands): The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Cash Equivalents and Marketable Securities All highly liquid inwestments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company's investments in marketable debt securities have been classified and accounted for as avalable-for-sale. The Company classifies its marketable debt securities as either short-term or long-ferm based on each instrument's undertying contractual maturity date. The Company's investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The cost of securities sold is determined using the specific identification method. Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except per share amounts) Years ended \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{\begin{tabular}{c} September 24 , \\ 2022 \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} September 25 , \\ 2021 \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} September 26 , \\ 2020 \end{tabular}} \\ \hline$ & 63,090 & $ & 65,339 & $ & 90,488 \\ \hline \end{tabular} Total shareholders' equity, beginning balances Common stock and additional paid-in capital: \begin{tabular}{|c|c|c|c|c|c|c|} \hline Beginning balances & & 57,365 & & 50,779 & & 45,174 \\ \hline Common stock issued & & 1,175 & & 1,105 & & 880 \\ \hline \begin{tabular}{l} Common stock withheld related to net share settlement of equity \\ awards \end{tabular} & & (2,971) & & (2,627) & & (2,250) \\ \hline Share-based compensation & & 9,280 & & 8,108 & & 6,975 \\ \hline Ending balances & & 64,849 & & 57,365 & & 50,779 \\ \hline \multicolumn{7}{|l|}{ Retained earnings/(Accumulated deficit): } \\ \hline Beginning balances & & 5,562 & & 14,966 & & 45,898 \\ \hline Net income & & 99,803 & & 94,680 & & 57,411 \\ \hline Dividends and dividend equivalents declared & & (14,793) & & (14,431) & & (14,087) \\ \hline \begin{tabular}{l} Common stock withheld related to net share settlement of equity \\ awards \end{tabular} & & (3,454) & & (4,151) & & (1,604) \\ \hline Common stock repurchased & & (90,186) & & (85,502) & & (72,516) \\ \hline Cumulative effect of change in accounting principle & & - & & - & & (136) \\ \hline Ending balances & & (3,068) & & 5,562 & & 14,966 \\ \hline \multicolumn{7}{|l|}{ Accumulated other comprehensive income/(loss): } \\ \hline Beginning balances & & 163 & & (406) & & (584) \\ \hline Other comprehensive income/(loss) & & (11,272) & & 569 & & 42 \\ \hline Cumulative effect of change in accounting principle & & & & & & 136 \\ \hline Ending balances & & (11,109) & & 163 & & (406) \\ \hline Total shareholders' equity, ending balances & $ & 50,672 & $ & 63,090 & $ & 65,339 \\ \hline Dividends and dividend equivalents declared per share or RSU & $ & 0.90 & $ & 0.85 & $ & 0.795 \\ \hline \end{tabular} See accompanying Notes to Consolidated Financial Statements. Apple inc: CONSOUOATED STATEMENTS OF CASH FLOWS (in milions) Apple inc