CA LOO CHAPTER 2 Insting and Financing Decisions and the Accounting System LO2 Apple LO2 The variety of related tware and services. The following in Apple (prid) statement of financial position from a recent year Cacalar de the last Saturday of September) APPLE INC Statement of Full Position At September 24, 2018 in millions of U.S. dotars ASSETS Current assets Cash and chains $25.913 Shortcm investments Accounts 2016 Innenes 3,956 Other current assets FLAG Tot current as 131,334 Non-currents ) Long testments 170.799 Property.plant and equipment 41304 Other non-current asset 22 23 Total non current site 234 386 Total asta $365,125 LIABILITIES AND SHAREHOLDERS' EQUITY Current abilities Accounts payable $ 55,88 Short term tas payable 20,748 Dedented revenue 7.549 Other current lates 32.687 Total current Non current wittes Long term det 3.735 Other non current 47 977 Toloncurs 141,712 Shareholders Contbucata 36.77 Hetained in 70.400 Total shareholders 107147 Total abilities and shareholders 5366,725 Sour Apple Aport 116.866 LO Assume that the following transaction (in million) occurred during the next fiscal year ended on September 28, 2019) a. Borrowed 56.256 from banks due in two years & Purchased additional investments for 871,000 cash one titth were long term and the rest were short-term Purchased property, plant, and equipment palid $13,971 in cash and signed a short term note for $5,410 Ispod additional shares for $160 in cash Sold short-term investments costing $56,810 for $56,810 cash. Declared $13,736 in dividends to be paid at the beginning of the next fiscal year Required: 1. Prepare a journal entry for each transaction. Use the account titles in Apple's statement of financial position and show answers in millions of dollars. 2. Create accounts for each account and include the September 23, 2018, balances, create a ww account, Dividendes Payable, with a beginning balance of 90. Posteach Journal entry to the appropriate Taccounts 3. Prepare a trial balance at September 28, 2010 APTER 2 Investing and Financing Decisions and the Accounting System 101 L02.7 -ple Inc. 4. Prepare a classified statement of financial position for Apple at September 28, 2019 based on these transactions 5. Compute Apple's current ratio for the year ending on September 28, 2019. Round your answer to two decimal places. What does this suggest about the company? P2-6 Identifying the Investing and Financing Activities Affecting the Statement of Cash Flows (AP2-6) Refer to P2-5 Required: For each of the transactions (a) to indicate whether the activity is (1) investing (1) or financing (F) and (2) the direction and amount of the effect on cash flows (+ for increases; - for decreases). If the activity does not affect the statement of cash flows, indicate no effect (NE). P2-7 Using Financial Reports: Preparing a Classified Statement of Financial Position, and Analyzing the Current Ratio (AP2-7) The accounts below, in alphabetical order, are adapted from The Castle Inc.'s statement of financial position (amounts in thousands of dollars): 26 Castle Inc