Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Create an income statement for Apple Inc. using the hypothetical summarized trial balance for Apple as pf September 28, 2013. > View instructions on how
Create an income statement for Apple Inc. using the hypothetical summarized trial balance for Apple as pf September 28, 2013. > View instructions on how to use this feature APPLE, INC. CONSOLIDATED SUMMARIZED TRIAL BALANCE As of September 28, 2013 ((In millions)) CONSOLIDATED INCOME STATEMENT For Year Ended September 28, 2013 ((In millic Accounts Debits Credits CASH $40,546 LESS: ACCOUNTS RECEIVABLE $13,102 GROSS PROFIT $0 INVENTORY $1,764 TOTAL OPERATING EXPENSES $0 OTHER CURRENT ASSETS $17,874 OPERATING INCOME $0 LONG-TERM INVESTMENTS $106,215 INCOME BEFORE TAXES $0 PP&E $16,597 LESS: LONG-TERM INTANGIBLES $5,756 NET INCOME $0 $5,146 OTHER LONG-TERM ASSETS ACCOUNTS PAYABLE $22,367 ACCRUED EXPENSES $13,856 OTHER CURRENT $7,435 LIABILITIES LONG-TERM DEBT $16,960 $22,833 OTHER LONG-TERM LIABILITIES COMMON STOCK $19,764 RETAINED EARNINGS $66,748 SALES $170,910 COST OF SALES $106,606 $4,475 RESEARCH & DEVELOPMENT EXPENSE S,G,&A EXPENSES $10,830 $1,616 INTEREST AND DIVIDEND INCOME INTEREST EXPENSE $136 $324 OTHER NON-OPERATING EXPENSES, NET INCOME TAX EXPENSE $13,118 TOTAL $342,489 $342,489
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started