FSA 3-1 Company Analysis LO A1 Use Apple's financial statements in Appendix A to answer the following. Required: 1. Compute Apple's profit margin for fiscal years ended (a) September 29, 2018, and (b) September 30, 2017 2. Is Apple's profit margin on a favorable or unfavorable trend? 3. In 2018, did Apple's profit margin outperform or underperform the industry (assumed) average of 12%? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute Apple's profit margin for fiscal years ended () September 29, 2018, and (b) September 30, 2017. (Round your percentage answers to 1 decimal place.) (a) September 29, 2018 (6) September 30, 2017 % % FSA 3-1 Company Analysis LO A1 Use Apple's financial statements in Appendix A to answer the following. Required: 1. Compute Apple's profit margin for fiscal years ended (a) September 29, 2018, and (b) September 30, 2017. 2. Is Apple's profit margin on a favorable or unfavorable trend? 3. In 2018, did Apple's profit margin outperform or underperform the industry (assumed) average of 12%? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute Apple's profit margin for fiscal years ended (a) September 29, 2018, and (b) September 30, 2017. (Round your percentage answers to 1 decimal place.) % (a) September 29, 2018 (b) September 30, 2017 % a. Depreciation on the company's equipment for the year is computed to be $15,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's Insurance policies showed that $740 of unexpired insurance coverage remains. c. The Supplies account had a $280 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $330 of supplies avaliable. d. One-third of the work related to $15,000 of cash received in advance was performed this period e. The Prepaid Rent account had a $5,900 debit balance at December 31 before adjusting for the costs of expired prepaid rent An analysis of the rental agreement showed that $5,160 of prepaid rent had expired, f. Wage expenses of $1,000 have been incurred but are not paid as of December 31 Prepare adjusting Journal entries for the year ended December 31 for each separate situation. View transaction list Journal entry worksheet OR Wage expenses of $1,000 have been incurred but are not paid as of December 31
