Check my work Refer to Apple's financial statements in Appendix A to answer the following. points Required 1. For the fiscal year ended September 30, 2017, what amount is credited to Income Summary to summarize its revenues earned? 2. For the fiscal year ended September 30, 2017, what amount is debited to Income Summary to summarize its expenses incurred? 3. For the fiscal year ended September 30, 2017, what is the balance of its Income Summary account before it is closed? eBook References 1. 2. 3. Amount credited to income summary Amount debited to income summary Balance in income summary account September 24, 2016 Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 ASSETS Current assets Cash and cash equivalents 20,289 Short-term marketable securities 53,892 Accounts receivable, less allowances of $58 and $53, respectively 17,874 Inventories 4,855 Vendor non-trade receivables 17,799 Other current assets 13,936 Total current assets 128,645 Long-term marketable securities 194,714 Property, plant and equipment, net 33,783 Goodwill 5,717 Acquired intangible assets, net 2,298 Other non-current assets 10,162 Total assets 375,319 20,484 46,671 15,754 2,132 13,545 8,283 106,869 170,430 27,010 5,414 3,206 8,757 321.686 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies 49,049 25,744 7,548 11.977 6,496 100,814 2,836 97,207 40,415 241,272 37.294 22.027 8,080 8,105 3,500 79,006 2.930 75,427 36,074 193,437 Shareholders' equity Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized: 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained carnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity 35,867 98,330 (150) 134,047 375,319 31,251 96,364 634 128,249 321.686 See accompanying Notes to Consolidated Financial Statements. September 30, 2017 229,234 141,048 88,186 September 24, 2016 215,639 131,376 84.263 September 26, 2015 233,715 140,089 93,626 Years ended Net sales Cost of sales Gross margin Operating expenses Research and development Selling, general and administrative Total operating expenses Operating income Other income (expense), net Income before provision for income taxes Provision for income taxes Net income 11,581 15,261 26.842 61,344 2,745 64,089 15,738 48.351 10,045 14,194 24,239 60,024 1,348 61,372 15.685 45.687 8,067 14,329 22,396 71.230 1,285 72,515 19.121 53.394 $ $ $ $ S 9.28 9.22 Earnings per share: Basic S 9.27S 8.35 Diluted 9.21 S 8.31 Shares used in computing carnings per share: Basic 5,217,242 5,470,820 Diluted 5,251,692 5,500,281 Cash dividends declared per share $ 2.40 S 2 2.18 .18 See accompanying Notes to Consolidated Financial Statements. 5,753,421 5.793,069 1.98 S September 26, 2015 $ 53,394 2,905 Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 30, 2017 September 24, 2016 Net income 48,351 $ 45,687 Other comprehensive income (loss): Change in foreign currency translation, net of tax effects of $(77), $8 and $201, respectively 224 Change in unrealized gains/losses on derivative instruments: Change in fair value of derivatives, net of tax benefit (expense) of $(478), $(7) and $(441), respectively 1,315 Adjustment for net (gains) losses realized and included in net income, net of tax expense (bencfit) of $475, $131 and $630, respectively (1,477) (741) Total change in unrealized gains/losses on derivative instruments, net of tax (162) Change in unrealized gains/losses on marketable securities: Change in fair value of marketable securities, net of tax benefit (expense) of $425, S(863) and $264, respectively (782) 1,582 Adjustment for net (gains) losses realized and included in net income, net of tax expense (benefit) of $35, $(31), and $(32), respectively (64) Total change in unrealized gains/losses on marketable securities, net of tax (846) Total other comprehensive income (loss) (784) 979 Total comprehensive income 47,567 $ 46,666 (3,497) (592) (483) 56 59 1,638 (424) (1,427) 51,967 See accompanying Notes to consolidate Financial Statements