Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aman Tma See accompanying Notes to Consolidated Financial Statements. See accompanyng Notes to Consoldated Financial Statements. Apple Inc. Apple Inc. Apple Inc. CONSOLIDATED STATEMENTS OF

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Aman Tma See accompanying Notes to Consolidated Financial Statements. See accompanyng Notes to Consoldated Financial Statements. Apple Inc. Apple Inc. Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended Cash and cash equivalents, beginning of the year Operating activities: Net income \begin{tabular}{l} September 29, 2018 \\ $20,289 \\ \hline \end{tabular} 59,531 20,484September30,2017 48,351 \begin{tabular}{l} September 24, 2016 \\ $21,120 \\ \hline \end{tabular} Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization Share-based compensation expense Deferred income tax expense (benefit) Other Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities: Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments for acquisition of property, plant and equipment Payments made in connection with business acquisitions, net Purchases of non-marketable securities Proceeds from non-marketable securities Other Cash generated by (used in) investing activities Financing activities: Proceeds from issuance of common stock Payments for taxes related to net share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Change in commercial paper, net Cash used in financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents, end of the year 10,903 5,340 (32,590) (444) (5,322) 828 (8,010) (423) 9,175 (44) 38,490 77,434 (71,356)55,88147,838(13,313)(721)(1,871)353(745)16,066 (71,356)55,88147,838(13,313)(721)(1,871)353(745)16,066 Use the table below and Apple's financial statements in Appendix A to answer the following. 1. Compute times interest earned for each of the three years shown. 2. Is Apple in a good or bad position to pay interest obligations? Assume an industry average of 10. Complete this question by entering your answers in the tabs below. Compute times interest earned for each of the three years shown. Note: Round your answers to 2 decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review 2018 Study Guide Auditing And Attestation

Authors: Wiley

1st Edition

1119480671, 978-1119480679

More Books

Students also viewed these Accounting questions

Question

Discuss three reasons why firms issue preferred shares.

Answered: 1 week ago

Question

What do you need to know about motivation to solve these problems?

Answered: 1 week ago