SELECTED NOTES TO THE FINANCIAL STATEMENTS

1. According to the consolidated balance sheets, Apple reported Non-current liabilities Term debt of $109,106 and $98,667 at the ends of fiscal years 2021 and 2020, respectively. The details of these amounts appear in Note 7.

a. According to Note 7, what are the required principal payments for each of the next five years (2022 through 2026)?

b. Why might the detail of required principal payments be of interest to investors?

c. According to the consolidated statements of cash flows, what were the net proceeds from the issuance of term debt in the fiscal year 2021?

2. In Note 8, Apple provides information about its Shareholders Equity.

a. How many of its shares did Apple repurchase in the fiscal year 2021?

How much did Apple pay in total in the fiscal year 2021 for these share market repurchases?

B. Apple does not report any treasury stock on its balance sheet. How, then, did Apple account for the shares that it repurchased in the fiscal year 2021? (Hint: Refer to the Consolidated Statements of Shareholders Equity.)