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Need help preparing a Balance Sheet and Income Statement. I have provided what I have so far, and wanted it to be checked to see
Need help preparing a Balance Sheet and Income Statement. I have provided what I have so far, and wanted it to be checked to see if it needs to be corrected. I didn't know where "income tax expense" or "pretax income" would belong. Thanks!
Apple's iPods, iPhones, and iTunes stores have become the center of the digital lifestyle for professionals and consumers alike. Extensive iPod content is even available for this textbook. The ease-of-use, seamless integration, and innovative design of Apple's products have produced record profits and stock price for Apple's shareholders. Following is a list of the financial statement items and amounts adapted from a recent Apple income statement and balance sheet. The numbers are presented in millions of dollars for the year ended September 30, 2006. 6,471 1,252 10,110 4,355 13,717 829 Accounts payable Accounts receivable Cash Contributed capital Cost of sales Income tax expense Inventories Net income Notes payable Other assets Other revenues Pretax income Property and equipment Research and development expenses Retained earnings Sales revenues Selling, general, and administrative expenses Total assets Total expenses Total liabilities Total liabilities and stockholder's equity Total revenues Total stockholder's equity 712 5,629 19,315 2,433 17,205 16,862 7,221 17,205 19,680 9,984 270 1,989 750 4,292 365 2,818 1,281 Balance Sheet September 30, 2006 Assets Current assets: Cash Account recievable Inventories Total Current Assets $ $ $ $ 10,110.00 1,252.00 270.00 11,632.00 Property and equipment Total property and equipment net $ $ 1,281.00 1,281.00 Other assets Total assets $ $ 4,292.00 17,205.00 $ $ $ 6,471.00 750.00 7,221.00 Liabilities and Equity Current liabilities: Accounts payable Notes payable Total liabilities Stockholders' equity: Retained earnings Contributed capital Total stockholder's equity Total liabilities and stockholder's equity $ $ $ $ 5,629.00 4,355.00 9,984.00 17,205.00 Sales revenues Other revenues Total revenues Income Statement Year Ended September 30, 2006 19,315.00 365.00 $ 19,680.00 $ $ 13,717.00 2,433.00 Cost of sales Selling, general, and administrative expenses Research and development expenses Total expenses $ 712.00 16,862.00 $Step by Step Solution
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