question 1

What is the name of the companys Balance Sheet?

		A.Consolidated Statements of Financial Position
		B.Consolidated Statement of Operations
		C.Consolidated Balance Sheets
		D.Consolidated Statements of Income

Question 2

What is the meaning of "consolidated" in the name of the financial statements?

		A. It is a statement that shows the company is doing well.
B.		A statement that classifies the accounts into relevant groups and subgroups.
		C.It is a statement that compares data for two or more periods.
		D.The statement shows the combined activities of the subsidiaries of the company.

Question 3

What is the amount of cash and cash equivalents on hand and in bank accounts that the company has?

Question 4

What is the amount of goods the company acquired to resell to customers?

Question 5

What amount is owed to the company from customers? (Net of any allowances is fine.)

Question 6

Is their investment in Property, Plant and Equipment increasing or decreasing?

A.		Increasing
B.		Decreasing
C.		Stayed the same
D.		No information given

Question 7

How much did their investment in Property, Plant and Equipment increase or decrease? Be sure to use a comma, but no dollar sign or cents.

Question 8

What is the amount of Current Assets?

Question 9

What is Apples largest asset?

		A. Cash
B.		Short-term marketable securities
C.		Current Assets
D.		Long-term marketable securities

Question 10

What is the amount of liabilities that are due within one year or operating cycle?

Question 11

What is the amount of total liabilities?

Question 12

Did Retained Earnings increase or decrease from the prior year?

	A.	Increasing
	B.	Decreasing
	C.	Stayed the same
	D.	No information given

Question 13

How much did their Retained Earnings increase or decrease from the prior year? Be sure to use a comma, but no dollar sign or cents.

Question 14

What is the name of the companys Income Statement?

A.		Consolidated Statements of Financial Position
B.		Consolidated Statements of Operations
C.		Consolidated Balance Sheets
D.		Consolidated Statements of Income

Question 15

What are the total net sales?

Question 16

What is the cost of products sold?

Question 17

What is the gross margin?

Question 18

What is the amount of selling, general and administrative expense?

Question 19

What is the amount of net earnings/income for the current year?

Question 20

What is the dollar amount that net earnings/income has increased or (decreased) from the previous year? Remember use a comma, but no dollar sign or cents.

Question 21

What is the purpose of the Statement of Shareholder's Equity?

A.		Shows the changes to various equity accounts including common stock, retained earnings, accumulated other comprehensive income and total shareholders' equity.
B.		Shows how the changes to the cash and cash equivalents over the period covered.
C.		Shows the balances in the assets, liabilities and equity accounts.
D.		Shows the accounting policies selected and details not provided on the balance sheet.

Question 22

What is the beginning Retained earnings balance for the year ending Sept.29, 2012?

Question 23

What is the ending Retained earnings balance as Sept. 29, 2012?

Question 24

What are the reasons (items) that affected the change to the RETAINED EARNINGS account from Sept. 2011 to Sept. 2012?

A.		Net income
B.		Net Income and Dividends Declared
C.		Net Income, Dividends Declared and Common Stock issued under stock plans.
D.		Net Income, Dividends Declared, Changes in Foreign Currency Translations, and Common Stock issued under stock plans.

Question 25

What inventory method is used for inventories?

		A.FIFO
		B.LIFO
		C.WEIGHTED AVERAGE
		D.SPECIFIC IDENTIFICATION

Question 26

What depreciation method is used for Property, Plant and Equipment?

		A.Double Declining Balance
		B.Units of Production
	C.	Straight-line
		D.MACRS

Question 27

What is the estimated useful life for Buildings?

		A.2-5 years
		B.5 years
		C.10 years
		D.The lesser of 30 years or the remaining life of the underlying building

Question 28

What is the estimated useful life for Machinery and equipment ?

		A.Between 2-5 years
		B.5 years
		C.10 years
		D.The lesser of 30 years or the remaining life of the underlying building

Use the information contained in these financial statements and notes to complete this case. All answers should be for the most current year (September 24, 2016) unless asked otherwise. Many companies show amounts in the thousands or millions please state amounts as shown on the financial statements. Do not add zeros. You do not need to include dollar signs. Selected financial statements of Apple, Inc. follow.

CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 24 September 26 September 27 2016 2015 2014 Net Sales 215,639 S 233,715 S 182,795 112,258 131,376 Cost of sales 140,089 93,626 70,537 Gross margin 84,263 Operating expenses: Research and development 10.045 8.067 6.041 11,993 Selling, general and administrative 14,194 14,329 Total operating expenses 24,239 22,396 18.034 71,230 60,024 Operating income 52,503 Other income/(expense), net 1,348 1,285 980 Income before provision for income taxes 72,515 53,483 61,372 13,973 Provision for income taxes 15685 19.121 Net income 45,687 S 53,394 S 39,510 Earnings per share: 9.28 S Basic 8.35 6.49 8.31 9.22 45 Diluted Shares used in computing earnings per share 5470,820 Basic 5,753,421 6,085,572 5,500,281 6,122,663 Diluted 5,793,069 Cash dividends declared per share 1.82