Check 6 Refer to Apple's financial statements in Appendix A to answer the following 1. What percent of the original cost of Apple's Property, Plant and Equipment account remains to be depreciated as of (a) September 28, 2019, and (6) September 29, 2018? Assume these assets have no salvage value and the entire account is depreciable. Hint Accumulated Depreciation is listed under Property. Plant and Equipment in the notes to Apple's financial statements in Appendix A 2. Much research and development are needed to create the next iPhone. Do companies capitalize and amortize research and development costs over the life of the product, or are research and development costs expensed as incurred? 3. Compute Apple's total asset turnover for the year ended (a) September 28, 2019, and (6) September 29, 2018. Total assets at September 30, 2017, are $375,319 ($ millions), 4. Using the results in part 3, is the change in Apple's asset turnover favorable or unfavorable? nts Siced Book Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 References What percent of the original cost of Apple's Property, plant and Equipment account remains to be depreciated as of (a) September 28, 2019, and (b) September 29, 20187 Assume these assets have no salvage value and the entire account is depreciable. Hint: Accumulated Depreciation is listed under Property, Plant and Equipment in the notes to Apple's financial statements in Appendix A. (Round your answers to 1 decimal place.) Show less of Original Cost (a) September 28, 2010 (b) September 29, 2018 % dan September 2018 5 25910 BE 23.18 SHEETS din millions, except number of shares which are reflected in thousands and par value) September 28, 2019 ASSETS Current Cash and cash equivalents Marketable securities 51.713 Accounts receivable, 222025 Inventories 4.105 Vendor non-trade rectivables 22,878 Other current 12.152 Tocal current 153119 Non-current Marketable securities 105.341 Property, plant and equipment, et 37.375 Other non-current 32.973 Total current 175.619 Total 13.316 1510 1204 131.519 12279 41.30 2220 2 365725 5 LIABILITIES AND SHAREHOLDERS' EQUITY 5 16 52.720 Current sites Accounts Other currenties Deferred Commercial paper Term debe Tocal current liabilities Non current abilities Teem delu Other current Total non-correnties 11.95 590 1024 105,715 W 1.NOT SES 105 3 5 6 7 B Q W E RE T Y 0 P T 0) S D E G H J j K N Z X C V V B V N I 96 . command MOSSO command option Question - Homework Chapter 3 - Connect M httoertoc-media.me Total assets 338,516 S 365,725 S $ 46,236 37.720 5,522 5,980 10.260 105,718 55,888 33,327 5.966 11.964 8,784 115,929 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities Term debt Other non-current liabilities Total non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity Common stock and additional paid in capital, 50.00001 par value: 12,600,000 shares authorized; 4,443,236 and 4,754,986 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity See accompanying Notes to Consolidated Financial Statements, 91.807 50,503 142,310 248.028 93,735 48,914 142,649 258.578 45.174 45.898 (584) 90.488 338,516 40.201 70,400 (3,454) 107,147 365,725 A.2 Appendix A Financial Statement information APPLE September 30, 2017 5 196,534 32,700 229,234 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 28, 2019 September 29, 2018 Net sales: Products 213.883 225,847 Services 46,291 39.748 Total net sales 260.174 265,595 Cost of sales Products 144.996 148.164 Services 16,786 15,592 Total cost of sales 161,782 163.756 Gross margin 98.392 101.839 Operating expenses Research and development 16,217 14,236 Selling general and administrative 18.245 16,705 Total operating expenses 34.462 30,941 Operating income 6.3.930 70,898 Other income (expense.net 1,807 2,005 Income before provision for income taxes 65.737 72.900 Provision for income taxes 10,481 13,372 Net income 55,256 39531 Earnings per chare: Basic 12.01 Diluted 11.89 11.91 Shares used in computin camins per share Basic 4.617,834 4,955,377 126,337 14.711 141,048 88.186 11,581 15.261 26,842 61.344 2,745 64,089 15.738 48.351 11.97 5 5 9.27 9.21 5.217.242 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended Net income September 28, 2019 September 29, 2018 September 30, 2017 55,256 $ 59,531S Other comprehensive income (loss); 48,351 Change in foreign currency translation, net of tax (408) (525) 224 Change in unrealized gains/losses on derivative instruments, net of tax Change in fair value of derivatives (661) 523 1.315 Adjustment for net (gains) Josses realized and included in net income 23 382 Total change in unrealized gain losses on derivative instruments (1.477) (638) 905 (162) Change in unrealized gins/losses on marketable securities, net of tax Change in fair value of marketable securities 3,802 (3,407) Adjustment for net (pains) losses realized and included in net income (782) 25 Total change in unrealized gains/losses on marketable securities (64) 3,827 Total other comprehensive income (los) (3.406) (846) 2,781 (3,026 (784) Total comprehensive income 58037 56.5055 47,567 See accompanying Notes to Consolidated Financial Statements. Check 6 Refer to Apple's financial statements in Appendix A to answer the following 1. What percent of the original cost of Apple's Property, Plant and Equipment account remains to be depreciated as of (a) September 28, 2019, and (6) September 29, 2018? Assume these assets have no salvage value and the entire account is depreciable. Hint Accumulated Depreciation is listed under Property. Plant and Equipment in the notes to Apple's financial statements in Appendix A 2. Much research and development are needed to create the next iPhone. Do companies capitalize and amortize research and development costs over the life of the product, or are research and development costs expensed as incurred? 3. Compute Apple's total asset turnover for the year ended (a) September 28, 2019, and (6) September 29, 2018. Total assets at September 30, 2017, are $375,319 ($ millions), 4. Using the results in part 3, is the change in Apple's asset turnover favorable or unfavorable? nts Siced Book Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 References What percent of the original cost of Apple's Property, plant and Equipment account remains to be depreciated as of (a) September 28, 2019, and (b) September 29, 20187 Assume these assets have no salvage value and the entire account is depreciable. Hint: Accumulated Depreciation is listed under Property, Plant and Equipment in the notes to Apple's financial statements in Appendix A. (Round your answers to 1 decimal place.) Show less of Original Cost (a) September 28, 2010 (b) September 29, 2018 % dan September 2018 5 25910 BE 23.18 SHEETS din millions, except number of shares which are reflected in thousands and par value) September 28, 2019 ASSETS Current Cash and cash equivalents Marketable securities 51.713 Accounts receivable, 222025 Inventories 4.105 Vendor non-trade rectivables 22,878 Other current 12.152 Tocal current 153119 Non-current Marketable securities 105.341 Property, plant and equipment, et 37.375 Other non-current 32.973 Total current 175.619 Total 13.316 1510 1204 131.519 12279 41.30 2220 2 365725 5 LIABILITIES AND SHAREHOLDERS' EQUITY 5 16 52.720 Current sites Accounts Other currenties Deferred Commercial paper Term debe Tocal current liabilities Non current abilities Teem delu Other current Total non-correnties 11.95 590 1024 105,715 W 1.NOT SES 105 3 5 6 7 B Q W E RE T Y 0 P T 0) S D E G H J j K N Z X C V V B V N I 96 . command MOSSO command option Question - Homework Chapter 3 - Connect M httoertoc-media.me Total assets 338,516 S 365,725 S $ 46,236 37.720 5,522 5,980 10.260 105,718 55,888 33,327 5.966 11.964 8,784 115,929 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities Term debt Other non-current liabilities Total non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity Common stock and additional paid in capital, 50.00001 par value: 12,600,000 shares authorized; 4,443,236 and 4,754,986 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity See accompanying Notes to Consolidated Financial Statements, 91.807 50,503 142,310 248.028 93,735 48,914 142,649 258.578 45.174 45.898 (584) 90.488 338,516 40.201 70,400 (3,454) 107,147 365,725 A.2 Appendix A Financial Statement information APPLE September 30, 2017 5 196,534 32,700 229,234 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 28, 2019 September 29, 2018 Net sales: Products 213.883 225,847 Services 46,291 39.748 Total net sales 260.174 265,595 Cost of sales Products 144.996 148.164 Services 16,786 15,592 Total cost of sales 161,782 163.756 Gross margin 98.392 101.839 Operating expenses Research and development 16,217 14,236 Selling general and administrative 18.245 16,705 Total operating expenses 34.462 30,941 Operating income 6.3.930 70,898 Other income (expense.net 1,807 2,005 Income before provision for income taxes 65.737 72.900 Provision for income taxes 10,481 13,372 Net income 55,256 39531 Earnings per chare: Basic 12.01 Diluted 11.89 11.91 Shares used in computin camins per share Basic 4.617,834 4,955,377 126,337 14.711 141,048 88.186 11,581 15.261 26,842 61.344 2,745 64,089 15.738 48.351 11.97 5 5 9.27 9.21 5.217.242 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended Net income September 28, 2019 September 29, 2018 September 30, 2017 55,256 $ 59,531S Other comprehensive income (loss); 48,351 Change in foreign currency translation, net of tax (408) (525) 224 Change in unrealized gains/losses on derivative instruments, net of tax Change in fair value of derivatives (661) 523 1.315 Adjustment for net (gains) Josses realized and included in net income 23 382 Total change in unrealized gain losses on derivative instruments (1.477) (638) 905 (162) Change in unrealized gins/losses on marketable securities, net of tax Change in fair value of marketable securities 3,802 (3,407) Adjustment for net (pains) losses realized and included in net income (782) 25 Total change in unrealized gains/losses on marketable securities (64) 3,827 Total other comprehensive income (los) (3.406) (846) 2,781 (3,026 (784) Total comprehensive income 58037 56.5055 47,567 See accompanying Notes to Consolidated Financial Statements