Fiancial Accounting 12th edition , focus on financials chapter 2

3 Chapter 2 sec.gov. Assume LO 4,5 Focus on Financials | Apple Inc. (Learning Objectives 4.: Record transactions: compute ner income) Refer to Apple financial statements in Appendix A and online in the filings section of www.sec.gov.As. that Apple completed the following selected transactions during 2016: a. Made company sales revenue) of $215.639 million, all on account (debit Account Receivable, net; credit Net Sales). b. Collected cash on accounts receivable, $216,734 million. c. Purchased inventories on account, $131,159 million (credit Accounts Payable) d. Incurred cost of sales in the amount of $131,376 million. Debit the Cost of Sales (expense) account. Credit the Inventories account. e. Paid accounts payable in cash, SI 29,355 million 1. Paid operating expenses in cash, S24.239 million. 8. Received cash from Other Income/(Expense), net, $1,348 million. h. Paid income taxes, S15,685 million in cash (debit Provision for Income Taxes). 1. Paid cash for other non-current assets. $3,335 million. J. Paid cash of $4,539 million for purchase of Property, Plant, and Equipment, set. c. Pe urred cost on Credit $129,39 million..348 million come Taxes). (expenseunts pays in caso Expenschit Pro Requirements 1. Set up T-accounts for beginning balances of Cash (S0* balance); Accounts Rectivable, net (debit balance of $16,849 million): Inventories (debit balance of $2,349 million Property, Plant, and Equipment, net (debit balance of $22.471 million): Other Non-Currers Assets (debit balance of $5,422 million); Accounts Payable (credit balance of $35,490 million); Net Sales (50 balance): Cost of Sales (S0 balance): Operating Expenses ($0 balance): Other Income (Expense), net (S0 balance): Provision for Income Taxes (50 balance). 2. Journalize Apple's transactions a-j. Explanations are not required. 3. Post to the T-accounts, and compute the balance for each account. Key postings by transac- tion letters a-j. 4. For each of the following accounts, compare your computed balance to Apple's actual balance as shown on its 2016 Consolidated Statement of Operations or Consolidated Balance Sheet in Appendix A at the end of the book. Your amounts should agree with the actual figures. a. Accounts Receivable, net b. Inventories c. Property, Plant, and Equipment, net (assume no other activity in these assets than given in the problem) d. Other Non-Current Assets e. Accounts Payable 1. Net Sales g. Cost of Sales h. Operating Expenses i. Other Income/Expense), net j. Provision for Income Taxes 5. Use the relevant accounts from requirement 4 to prepare a summary, single-step income statement for Apple for 2016. Compare the net income (loss) you computed to Apple actual net income (loss). The two amounts should be equal. 3 Chapter 2 sec.gov. Assume LO 4,5 Focus on Financials | Apple Inc. (Learning Objectives 4.: Record transactions: compute ner income) Refer to Apple financial statements in Appendix A and online in the filings section of www.sec.gov.As. that Apple completed the following selected transactions during 2016: a. Made company sales revenue) of $215.639 million, all on account (debit Account Receivable, net; credit Net Sales). b. Collected cash on accounts receivable, $216,734 million. c. Purchased inventories on account, $131,159 million (credit Accounts Payable) d. Incurred cost of sales in the amount of $131,376 million. Debit the Cost of Sales (expense) account. Credit the Inventories account. e. Paid accounts payable in cash, SI 29,355 million 1. Paid operating expenses in cash, S24.239 million. 8. Received cash from Other Income/(Expense), net, $1,348 million. h. Paid income taxes, S15,685 million in cash (debit Provision for Income Taxes). 1. Paid cash for other non-current assets. $3,335 million. J. Paid cash of $4,539 million for purchase of Property, Plant, and Equipment, set. c. Pe urred cost on Credit $129,39 million..348 million come Taxes). (expenseunts pays in caso Expenschit Pro Requirements 1. Set up T-accounts for beginning balances of Cash (S0* balance); Accounts Rectivable, net (debit balance of $16,849 million): Inventories (debit balance of $2,349 million Property, Plant, and Equipment, net (debit balance of $22.471 million): Other Non-Currers Assets (debit balance of $5,422 million); Accounts Payable (credit balance of $35,490 million); Net Sales (50 balance): Cost of Sales (S0 balance): Operating Expenses ($0 balance): Other Income (Expense), net (S0 balance): Provision for Income Taxes (50 balance). 2. Journalize Apple's transactions a-j. Explanations are not required. 3. Post to the T-accounts, and compute the balance for each account. Key postings by transac- tion letters a-j. 4. For each of the following accounts, compare your computed balance to Apple's actual balance as shown on its 2016 Consolidated Statement of Operations or Consolidated Balance Sheet in Appendix A at the end of the book. Your amounts should agree with the actual figures. a. Accounts Receivable, net b. Inventories c. Property, Plant, and Equipment, net (assume no other activity in these assets than given in the problem) d. Other Non-Current Assets e. Accounts Payable 1. Net Sales g. Cost of Sales h. Operating Expenses i. Other Income/Expense), net j. Provision for Income Taxes 5. Use the relevant accounts from requirement 4 to prepare a summary, single-step income statement for Apple for 2016. Compare the net income (loss) you computed to Apple actual net income (loss). The two amounts should be equal