Critically analyze the financial statements (Consolidated Balance Sheets) presented for Apple Inc. (2014 2015) and assess the companys liquidity and overall financial flexibility. Research and compare the companys financial performance with that of another company in the same industry.

Differentiate and classify leases and to apply the appropriate accounting principles to a leasing transaction, according to IAS 17.

Finally, students are required to apply the principles of income taxes to prepare appropriate tax schedules.

Assignment Questions 1.

Critically analyze the financial statements (Consolidated Balance Sheets) presented for Apple Inc. (2014 2015) and assess the companys liquidity and overall financial flexibility.

a. Provide a definition for current liability and for each type of current liability listed on the financial statement. (Refer to the relevant standard or authoritative literature)

b. Compare the financial performance of the company over the two year period presented.

c. Use at least two ratios in the analysis of the companys liquidity. d. Research and compare the companys financial performance with that of another company in the same industry. Apple Inc. is in the technological industry. Its main competitors include: Nokia, Samsung, Google.