Financial Reporting Problem: Apple Inc. CT8.1 Refer to the financial statements of Apple Inc, in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website. Instructions a. Calculate the accounts receivable turnover and average collection period for the year ended September 29, 2018. (Assume all sales were credit sales.) b. Did Apple have any potentially significant credit risks during the same period as specified in (a)? (Hint: Refer to the notes to the financial statements.) e. What conclusions can you draw from the information in parts (a) and (b)? Apple Inc. (in millions. Apple Ine. Awwsolidated Statements of Comprehensive Income Apple inc. (in millions, except number of shatidated Balance Sheets (in millions, except nuthber of shares which are reflected in thousands and par value) Commitments and contingencies Shareholders' equity: Common stock and additional paid- in capital, 50.00002 par value 12,400,000 sharc authorized; 4,754,986 and 5,126.201 shares issued and oubdanding. respectively Retained eamings Accumulated other comprehenivive incorbe/(losv) Total shareholders' equity. Totat liabilities and shareholders' equity APPENDIX A Specimen Financial Statements: Apple inc. A.5 Financial Reporting Problem: Apple Inc. CT8.1 Refer to the financial statements of Apple Inc, in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website. Instructions a. Calculate the accounts receivable turnover and average collection period for the year ended September 29, 2018. (Assume all sales were credit sales.) b. Did Apple have any potentially significant credit risks during the same period as specified in (a)? (Hint: Refer to the notes to the financial statements.) e. What conclusions can you draw from the information in parts (a) and (b)? Apple Inc. (in millions. Apple Ine. Awwsolidated Statements of Comprehensive Income Apple inc. (in millions, except number of shatidated Balance Sheets (in millions, except nuthber of shares which are reflected in thousands and par value) Commitments and contingencies Shareholders' equity: Common stock and additional paid- in capital, 50.00002 par value 12,400,000 sharc authorized; 4,754,986 and 5,126.201 shares issued and oubdanding. respectively Retained eamings Accumulated other comprehenivive incorbe/(losv) Total shareholders' equity. Totat liabilities and shareholders' equity APPENDIX A Specimen Financial Statements: Apple inc. A.5