Integrating Asset Accounting Obtain Apple's fiscal 2016 10-K (filed October 26, 2016) either through the "Investor Relations" portion of its website (do a wet Required: Using Apple's 10-K, answer the following questions: 1. Looking at Note 1 (Summary of Significant Accounting Policies), how does Apple define cash equivalents? supplying an opinion on Apple's internal controls 2. Looking at the "Report of Independent Registered Public Accounting Firm reporting? Apple in all material respects, effective internal control over financial reporting as of September 24, 2016 What criter were used to evaluate the effectiveness of these controls? 3. What was Apple's accounts receivable turnover (rounded to two decimal places) in 2015 and 2016? (Accounts receivable wer 2016 times 2015 times Assuming the industry average for 2016 was 8.53, describe Apple's relative efficiency with its accounts receivable. Apple's accounts receivable turnover is than the industry average. Apple is managing its accounts receivat 4. What was Apple's inventory turnover (rounded to two decimal places) in 2015 and 20167 (Inventories were $2,111,000,000 2016 times 1 2015 times Assuming the industry average for 2016 was 20.24, describe Apple's relative efficiency with its inventory. Apple's inventory turnover is than the industry average. Apple is managing its inventory 5. Describe the trend in Apple's accounts receivable and inventory turnover. Apple's accounts receivable turnover from 2015 to 2016. Its inventory turnover from 6. How many days' sales does Apple have in receivables and inventory for 2015 and 2016? (When added together, this is its opel 2016 2015 Days' Sales in Receivables I days days wch for Apple Investor Relations") or go to www.sec.gov and dick "Company Filings Search under "Filings. nancial reporting (p. 71 of the 10-K), what was the auditor's opinion regarding the effectiveness of Apple's internal control over financial 660,000,000 at the end of 2014.) of 2014.) (Note: Round all answers to two decimal places.) eBook Calculator Apple's accounts receivable turnover is than the industry average. Apple is managing its accounts recen 4. What was Apple's inventory turnover (rounded to two decimal places) in 2015 and 20167 (Inventories were $2,111,000,00 2016 times 2015 times Assuming the industry average for 2016 was 20.24, describe Apple's relative efficiency with its inventory. Apple's inventory turnover is than the industry average. Apple is managing its inventory 5. Describe the trend in Apple's accounts receivable and inventory turnover. Apple's accounts receivable turnover from 2015 to 2016. Its inventory turnover 6. How many days' sales does Apple have in receivables and inventory for 2015 and 2016? (When added together, this is its 2016 2015 Days ales in Receivables 1 days days Days Sales in Inventory days L days Operating Cycle days days 7. Conceptual Connection: Assuming 10% interest, how much interest expense did Apple incur due to its deteriorating accoun 7,684,268. (Remember, the numbers are in millions)? 8. What were Apple's gross profit, operating margin, and net profit ratios in 2016? (Note: Round answers to two decimal place Gross Profit Ratio Operating Margin Ratio Net Profit Margin Ratio Assuming industry averages for 2016 were 27.57%, 7.87%, and 4.76%, respectively, describe Apple's profitability Apple was profitable than the industry average and was the average for gross profi 9. Looking at Note 1 (Summary of Significant Accounting Policies), what method of depreciation does Apple use? What is the range of useful life for internally used software? Is this useful life is appropriate? counts receivable 111,000,000 at the end of 2014.) from 2015 to 2016. this is its operating cyde) (Note: Round all answers to two decimal places.) accounts receivable and inventory turnovers? Enter amount rounded to the nearest whole dollar. For example, 7,684,268.24 would be entered as al places.) profit margin, operating margin, and net profit margin, respectively. ng Accounting PA 33describe Aple's relas Why buenas.001s 1101 5. Der the brand in ple's receive and b e 2011 1. Conceptul Connecti n g 10 7.684,268. Remember the ruwbers are in trest, how much were Wheople's groot, sperang magand A n g industry average for 2016 were 27.5 and 4.704, petive desc 's profit the average for gross pomag a ling main, and net proton respectively What is the on e for internally used software