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Apple Inc. is preparing its financial statements for the fiscal year 2023. The following transactions and financial data are available: Transactions (in $ millions) Amount
Apple Inc. is preparing its financial statements for the fiscal year 2023. The following transactions and financial data are available:
Transactions (in $ millions) | Amount |
Cash Sales | 1,600 |
Credit Sales | 800 |
Requirements:
- Prepare Apple Inc.'s income statement for 2023, focusing on operating expenses and net income.
- Calculate and interpret the current ratio and quick ratio.
- Discuss the accounting treatment of research and development (R&D) expenses.
- Analyze the impact of changes in fair value of available-for-sale securities.
- Prepare a statement of cash flows using the indirect method for Apple Inc.
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