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Consider the financial data for Apple Inc. for the year ended September 30, 2023: Revenue: $5,200,000 Cost of goods sold: $2,800,000 Gross profit: $2,400,000 Operating
Consider the financial data for Apple Inc. for the year ended September 30, 2023:
- Revenue: $5,200,000
- Cost of goods sold: $2,800,000
- Gross profit: $2,400,000
- Operating expenses: $1,100,000
- Interest expense: $200,000
- Income tax expense: $350,000
- Net income: $750,000
- Dividends paid: $100,000
- Cash: $400,000
- Accounts receivable: $300,000
- Inventory: $200,000
- Property, plant, and equipment: $1,400,000
- Accounts payable: $250,000
- Long-term debt: $600,000
Instructions:
- a) Prepare a comprehensive income statement for the year ended September 30, 2023.
- b) Prepare a balance sheet as of September 30, 2023.
- c) Calculate the current ratio.
- d) Determine the return on equity (ROE).
- e) Prepare a statement of cash flows for the year ended September 30, 2023.
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