Expand Your Critical Thinking 1-01 The financial statements of Apple Inc. for 2017 are presented in Appendix A. Click here to view Appendix A. Refer to Apple's financial statements and answer the following questions. x Your answer is incorrect. Try again. What were Apple's total assets at September 30, 2017? At September 24, 2016? (Enter answers in millions.) 2017 2016 Total Assets 128645 106869 x Your answer is incorrect. Try again. How much cash (and cash equivalents) did Apple have on September 30, 2017? (Enter answer in millions.) Cash (and cash equivalents) Balance x Your answer is incorrect. Try again. What amount of accounts payable did Apple report on September 30, 2017? On September 24, 2016? (Enter answers in millions.) 2017 2016 Accounts Payable X Your answer is incorrect. Try again. What were Apple's net sales in the year ending September 30, 2017? In the year ending September 24, 2016? In the year ending September 26, 2015? (Enter answers in millions.) 2017 2016 2015 Net sales * Your answer is incorrect. Try again. What is the amount of the change in Apple's net income from 2016 to 2017? (Enter answer in millions.) Net income C Net income Question Attempts: 1 of 5 used References - Mozilla Firefox helpoodin objecte kimmel9781119493624-01-sec-0001&itemidanopolice Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In milions, except number of shares which are reflected in thousands and pershare amounts) Years ended September 24, September 20, September 2 $ $ Net sales Cost of wales 229.234 141048 215,639 131.376 4263 233.715 140 089 Gros margin 11.581 Operating expenses Research and development Selling general and administrative Total operating expenses 15,261 10,045 14,194 24239 8.067 14,329 22,396 61 344 2.745 Operating income Other Income (expense), net Income before provision for income taxes Provision for income taxes Net income 60,024 1348 61,372 15.685 4 5.687 71,230 1.285 72 515 19. 121 53,394 15.738 48,351 S $ $ Earnings per share: 8.35 5 9.27 921 S $ 9.29 9.22 Share used in computing eamings per share 5.217,202 5,470,820 5.500,281 5,753,421 5,793,089 Duted Cash dividends declared per share 2.18 $ 1.98 See accompanying Notes to consolidated Financial Statements Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME millions) Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) September 30, 2017 48,351 Years ended September 24, 2016 45,687 September 26, 2015 53,394 $ $ Net Income Other comprehensive income (loss): Change in foreign currency translation, net of tax effects of $(77), 58 and $201. respectively 224 (411) 1,315 2,905 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 Adjustment for net (gainslosses realized and included in net income, net of tax expense/(benefit) of $475, $131 and $630, respectively Total change in unrealized gains/losses on derivative Instruments, net of tax (741) (1.477) (162) (3,497) (592) (34) (782) 1,582 (483) Change in unrealized gains/losses on marketable securities: Change in fair value of marketable securities, net of tax benefit (expense) of $425, $(863) and $264, respectively Adjustment for net (gainsy losses realized and included in net income, net of tax expense benefit of $35, $(31) and $(32), respectively Total change in unrealized gins/sos on marketable securities, net of tax (64) (846) 1,638 (424) Total other comprehensive Income (105) Total comprehensive income (784) 47,567 979 46,006 (1,427) 51.967 $ S See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED BALANCE SHEETS References - Mozilla Firefox exlinkobject skimmel9781119493624a01-sec-0001&itemid=nopolice Apple Inc. CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24 ASSETS: Current assets Cash and cash equivalents Short-term marketable securities Accounts receivable less allowances of $50 and $53, respectively Inventories Vendor non-trade receivables Other current assets Total current assets 20.289 53,892 17,874 4,855 17.799 13,936 128,645 20,484 46.671 15.754 2,132 13,545 8.280 106. Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, net Other non-current assets Total assets 194,714 33.783 5,717 2.298 10,162 375 319 170,430 27.010 5,414 3.206 8.757 321.68 5 LIABILITIES AND SHAREHOLDERS' EQUITY: 37.294 Current tables Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long term debe Total current bites 49.049 25 744 7,548 11.977 640 100,814 8.105 3,500 70.006 2.836 Deferred revenue, non-current Long-term debt Other non current abates Total Labs 75.427 40415 241 272 193,437 Comments and contingencies Shareholders' equity Common stock and ronal paid in capital, 50.00001 par value: 12.600,000 shares authorized 5,126 201 and 5.336,100 shares issued and outstanding, respectively Retained caringe Accumulated other comprehensive Income Total shareholders' equity Totalanes and shareholders equity 35 057 20.330 31,251 06364 (150) 134,047 375,319 $ $ See accompanying Notes to consolidated Financial Statements Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in millions, except number of shares which are reflected in thousands) Accumulated Other Comprehensive Income (Loss) 1,082 $ Total Shareholders Equity $ 111,547 53,394 (1.427) (11,627) (36,026) 3,586 (540) 748 748 45.687 119,355 45,687 Common Stock and Additional Paid In Capital Retained Shares Amount Earnings Balances as of September 27, 2014 5,866,161 $ 23,313 $ 87,152 Net Income 53,394 Other comprehensive Income foss) Dividends and dividend equivalents declared (11,627) Repurchase of common stock (325,032) (36,026) Share-based compensation 3.586 Common stock issued, net of shares withheld for employee taxes 37.624 (231) (609) Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 26, 2015 5,578,753 27 416 92,284 Net Income Other comprehensive Income (los) Dividends and dividend equivalents declared (12,188) Repurchase of common stock (279,609) (29,000) Share-based compensation Common stock issued, net of shares withheld for employee taxes 37,022 (419) Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 24, 2016 96,364 Net Income Other comprehensive income foss) Dividends and dividend equivalents declared (12,803) Repurchase of common stock (246,406) (30,001) Shwe-based compensation Common stock issued, net of shares withheld for employee taxes 30,531 (581) Tax benefit from equity awards, including transfer pricing bent Balances as of September 30, 2017 5,126,2015 35.667 28,3305 Se accompanying Notes to Consolidated Financial Statemente (12,188) (29,000) 4,262 (1.225) 379 120.240 40151 (784) (12. (33.001 4.000 (1404) References - Mozilla Firefox podinkobject skimmel9781119493624a01-sec-0001&citernid=nopolice Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (in misons) Years ended September 24, Cash and she beginning of the year 20,484 21.120 13744 45.687 53.394 Operating activities Net income Adjustments to reconcile et income to cash generated by operating Depreciation and amortization Share based compensation pense Deferred income tax expense 10.157 10.505 4.210 5966 12.083) (2.723) (5,318) (51) 1.055 1,837 (1.554) (2000) 735 (283) 5,001 1.002 (62) Changes in operating assets and abilities Accounts receivable.net Inventories Vendor non trade recevable Other current and non-current Accounts payable Deferred revenue Other current and non-rentabilities Cash g ated by operating activities Inting activities Purchase of marketable securities Proceeds from matures of marketable series Proceeds from wes of marketabler es Payments made in connection with business acquis net Payments for acquision of property, plant and woment Payments fortion of tablets Payments for segic investment 058 (159.406) (142.428) (166,402) 0.538 10747 (12.451) (12,7341 (11247 (241) (1.388) (1101 Cashed investing active Francing Proceeds from swange of common ock (45.977) Payments for r edonet share theme of equilyard Payments for dividends and dividend agents 70 (1.074 (12,70 22.900 Proceed from com detet Reports of term debit Change in com p e Cashd ancing (1,5701 (12.150) 2x722) 24954 2.500 27.114 3.00 SAS (17347) Chandch a nd of the 2.191 (17.716 13.259 See coming to Cond encia