QUESTION $1$

Apple$$s most recent balance sheet is a picture of the company$$s financial position:

a$.$ For year ended December $31,2022.$

b$.$ At December $31,2021.$

c$.$ At September $24,2022.$

d$.$ For the year ended September $24,2022.$

$2\mathrm{.}5$ points

QUESTION $2$

At the most recent balance sheet date, Apple's accounting equation was $($in millions$)$:

a$.$ Assets $$135,405=$ Liabilities $$153,982+$ Shareholders' equity $$50,672.$

b$.$ Assets $$352,755=$ Liabilities $$302,083+$ Shareholders' equity $$50,672.$

c$.$ Assets $$352,755-$ Liabilities $$153,982=$ Shareholders' equity $$50,672.$

d$.$ Assets $$352,755=$ Liabilities $$148,101+$ Shareholders' equity $$50,672.$

$2\mathrm{.}5$ points

QUESTION $3$

How much did Apple have in total economic resources $($in millions$)$ at the most recent balance sheet?

a$.$ $$352,755.$

b$.$ $$135,405.$

c$.$ $$23,646.$

d$.$ $$28,184.$

$2\mathrm{.}5$ points

QUESTION $4$

How much in total did Apple owe its creditors at the most recent balance sheet date $($in millions$)?$

a$.$ $$64,115.$

b$.$ $$153,982.$

c$.$ $$148,101.$

d$.$ $$302,083.$

$2\mathrm{.}5$ points

QUESTION $5$

At the most recent balance sheet date, Apple's smallest current asset is:

a$.$ Inventories.

b$.$ Marketable securities$.$

c$.$ Other current assets.

d$.$ Accounts receivable, net.

$2\mathrm{.}5$ points

QUESTION $6$

Which of Apple's accounts is a current liability?

a$.$ Accounts payable.

b$.$ Deferred revenue.

c$.$ Commercial paper.

d$.$ All of the above.

$2\mathrm{.}5$ points

QUESTION $7$

$1.$ At the most recent balance sheet date, Apple's current liabilities were a larger percentage of total liabilities than its non$-$current liabilities.

a$.$ True.

b$.$ False.

$2\mathrm{.}5$ points

QUESTION $8$

At the most recent balance date, the amount of cash that Apple expected to collect from its customers from credit sales was $($in millions$)$:

a$.$ $$23,646.$

b$.$ $$135,405.$

c$.$ $$28,184.$

d$.$ $$394,328.$

$2\mathrm{.}5$ points

QUESTION $9$

Does Apple separately disclose on its balance sheet the amount it owes for expenses already incurred on its the income statement?

a$.$ Yes.

b$.$ No$.$

$2\mathrm{.}5$ points

QUESTION $10$

Does Apple separately disclose on its balance sheet the amount of cash it paid in advance for goods and services?

a$.$ Yes.

b$.$ No$.$

$2\mathrm{.}5$ points

QUESTION $11$

Round your following computation to two decimal places $(5\mathrm{.}6793=5\mathrm{.}68).$

Based on Apple's current ratio $($current assets $/$ current liabilities$),$ the company's liquidity has:

a$.$ increased over the past two balance sheet dates.

b$.$ decreased over the last two balance sheet dates.

c$.$ stayed the same over the last two balance sheet dates.

d$.$ cannot be determined

$2\mathrm{.}5$ points

QUESTION $12$

Which of Apple's accounts was increased when the company made a credit sale?

a$.$ Cash.

b$.$ Inventories.

c$.$ Accounts receivable.

d$.$ Accounts payable.

$2\mathrm{.}5$ points

QUESTION $13$

When Apple collects an accounts receivable from a customer:

a$.$ net income does not change.

b$.$ total assets increase.

c$.$ retained earnings increase.

d$.$ accounts payable decreases.

$2\mathrm{.}5$ points

QUESTION $14$

Apple$$s most recent income statement shows the company$$s results of operations:

a$.$ At December $31,2022.$

b$.$ For year ended September $24,2022.$

c$.$ At September $24,2022.$

d$.$ For the year ended December $31,2022.$

$2\mathrm{.}5$ points

QUESTION $15$

Apple's total net earned revenue from both cash and credit sales for its most recent year end was $($in millions$)$ :

a$.$ $$28,184.$

b$.$ $$99,803.$

c$.$ $$170,782.$

d$.$ $$394,328.$

$2\mathrm{.}5$ points

QUESTION $16$

How much did Apple's total revenues exceed its total expenses during the most recent reporting period $($in millions$)?$

a$.$ $$394,328.$

b$.$ $$170,782.$

c$.$ $$119,437.$

d$.$ $$99,803.$

$2\mathrm{.}5$ points

QUESTION $17$

At the most recent balance sheet date, how much inventory did Apple have on hand $($in millions$)?$

a$.$ $$4,946.$

b$.$ $$201,471.$

c$.$ $$223,546.$

d$.$ $$135,405.$

$2\mathrm{.}5$ points

QUESTION $18$

Apple's total cost of inventory and services sold during the recent reporting period was $($in millions$)$:

a$.$ $$4,946.$

b$.$ $$223,546.$

c$.$ $$394,328.$

d$.$ $$170,782.$

$2\mathrm{.}5$ points

QUESTION $19$

Assuming rising prices, Apple's inventory method results in less net income than if LIFO was used.

True

False

$2\mathrm{.}5$ points

QUESTION $20$

Calculate Apple's inventory turnover ratio $($Total cost of sales $/$ Inventories$)$ for the last two balance sheet dates.

Apple sold inventory:

a$.$ quicker in the most recent reporting than in the prior reporting period.

b$.$ slower in the most recent reporting than in the prior reporting period.

c$.$ at the same rate in the most recent reporting as in the prior reporting period.

d$.$ cannot be determined.