The accounting equation is Assets - Liabilities + Stockholders' Equity. The financial statements of Apple are presented in Appendix A Click here to view Appendix A Replacing words in the equation with dollar amounts, what is Apple's accounting equation at September 30, 2017? (Enter answers in millions.) Assets $ Liabilities Stockholders' Equity $ Net sales Cost of sales Gross margin Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except number of shares which are reflected in thousands and per share amounts) Operating expenses: Research and development Selling, general and administrative Total operating expenses September 30, 2017 Years ended September 24, 2016 September 26, 2015 229,234 $ 215.639 $ 233,715 141,048 131,376 88,186 84.263 140,009 93.626 11.581 10,045 8.067 15,261 14,194 14,329 26,842 24,239 22.300 Operating income 61.344 60.024 71,230 Other income/expense), net 2.745 1,348 1,285 Income before provision for income taxes 64,089 61,372 72,515 Provision for income taxes 15.738 15.685 19.121 $ 48.351 $ 45,887 5 53,394 Net income Earnings per share Basic Diluted Shares used in computing eamings per share! Basic Diluted $ 9.27 $ 8.35 928 $ 921 S 8.31 $ 9.22 5,217,242 5.251.602 5,470.820 5.500.2011 5753421 5.790.000 3154M 00 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Years ended September 30, 2017 September 24, September 20, 2016 2015 48.351 45.687 $ 53,394 Net income Other comprehensive income/(loss) Change in foreign currency translation, net of tax effects of $(77), $8 and $201, respectively Change in unrealized gainslosses on derivative instruments: Change in fair value of derivatives, net of tax benefit(expense) of $(478), S(7) and S(441), respectively Adjustment for net (gains)osses realized and included in net income, net of tax expense/benefit) of $475. $131 and 5630, respectively 224 75 (411) 1.315 7 2.905 (1,477) (741) (497) Total change in unrealized gainslosses on derivative instruments, net of tax (162) (734) (502) Change in unrealized gains fosses on marketable securities Change in fair value of marketable securities, net of tag benefit(expense) of $425 $1863) and $264, respectively (782) 1,582 (483) Adjustment for net (gains)fosses realized and included in net income, net of tax expense/bene) of $35, $(31) and $(32), respectively (04) 50 Total change in unrealized gains/fosses on marketable securities, net of sax (046) 1.038 (424) Total other comprehensive income/oss) Total comprehensive income (784) 47,567 979 (1427) 46.666 $ 51,967 See accompanying Notes to Consolidated Financial Statements Apple Inc. CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and par value) Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowances of $56 and $53, respectively Inventories Vendor non-trade receivables Other current assets Total current assets Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, not Other non-current assets Total assets ASSETS September 30, 2017 September 24, 2016 20,289 S 20,484 53,892 46,671 17,874 15,754 4,855 2,132 17,799 13,545 13,936 8.283 128,645 106,869 194,714 170,430 33.783 27,010 5,717 5,414 2.298 3,206 10.162 8.757 375,319 $ 321,686) Current liabilities: Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies LIABILITIES AND SHAREHOLDERS' EQUITY: 49,049 $ 37,294 25,744 22,027 7,548 8,080 11,977 8,105 6,496 3,500 100,814 79,006 2,836 2,930 97,207 75,427 40,415 36,074 241,272 193,437 Shareholders' equity. Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity 35.867 31.251 98,330 96.364 (150) 634 134.047 120.240 $ 375.319 $ 321.686 See accompanying Notes to Consolidated Financial Statements Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except number of shares which are reflected in thousands) Common Stock and Additional Paid-In Capital Accumulated Other Shares Amount Retained Earnings Comprehensive Income/(Loss) Total Shareholders Equity Balances as of September 27, 2014 Net income 5.866.161 $ 23,313 87,152 $ 1,082 $ 111,547 53,394 53,394 Other comprehensive income/(loss) (1,427) (1.427) Dividends and dividend equivalents declared (11.627) (11,627) Repurchase of common stock (325,032) (36,026) (36,026) Share-based compensation 3,586 3,506 Common stock issued, net of shares withheld for employee taxes 37,624 (231) (609) (840) Tax benefit from equity awards, including transfer pricing adjustments 748 748 Balances as of September 26, 2015 5,578,753 27,416 92,284 (345) Net income 45,687 119.355 45,687 Other comprehensive income/oss) Dividends and dividend equivalents declared 11 Repurchase of common stock (279,609) 111 979 979 (12,188) (29.000) (12.188) (29,000) Share-based compensation 4,262 4262 Common stock issued, net of shares withheid for t employee taxes 37.022 (806) (419) (1225) AM Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 24, 2016 379 379 5,336,166 31,251 96,364 634 Net income 48,351 128,249 48,351 Other comprehensive income/(loss) (784) (784) Dividends and dividend equivalents declared (12,803) (12,803) Repurchase of common stock (246,496) (33,001) Share-based compensation 4,909 Common stock issued, net of shares withheld for employee taxes 36.531 (913) (581) (33.001) 4,909 (1,494) Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 30, 2017 See accompanying Notes to Consolidated Financial Statements. 5,126,201 $ 620 35,867 $ 6201 98,330 $ (150) $ 134,047 Cash and cash equivalents, beginning of the year Operating activities Net income Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) September 30, 2017 Years ended September 24, 2016 September 26, S 20,484 $ 21,120 $ 2015 13.844 48.351 45.687 53.394 http://educating Adjustments to reconcile net income to cash generated by operating activities Depreciation and amortization 10,157 10,505 11,257 Share-based compensation expense 4,840 4,210 3,586 Deferred income tax expense 5,966 4,938 1,382 (166) 486 385 Other Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities: (2,093) 527 417 (2,723) 217 (238) (4.254) (51) (3,735) (5,318) 1,055 (283) 9,618 1,837 5,001 (626) (1,554) 1,042 (154) (2,033) 9,058 63,598 65,824 81,266 Purchases of marketable securities (159,486) (142,428) (166,402) Proceeds from maturities of marketable securities 31,775 21,258 Proceeds from sales of marketable securities 94,564 90,536 14.538 107,447 Payments made in connection with business acquisitions, net (329) (297) (343) Payments for acquisition of property, plant and equipment (12,451) (12.734) (11,247) Payments for acquisition of intangible assets Payments for strategic investments, net Other Cash used in investing activities Financing activities Proceeds from issuance of common stock (344) (814) (241) (395) (1,388) 220 (110) (26) (46,446) (45.977) (56,274) KAK Financing activities Proceeds from issuance of common stock Excess tax benefits from equity awards Payments for taxes related to net share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Change in commercial paper, net Cash used in financing activities Increase/Decrease) in cash and cash equivalents Cash and cash equivalents, end of the year Supplemental cash flow disclosure Cash paid for income taxes, net Cash paid for interest 555 495 543 627 407 749 (1,874) (1,570) (1,499) (12,769) (12,150) (11,561) (32,900) (29,722) (35,253) " 28,662 24.9541 27,114 (3.500) (2,500) 3,852 (397) (17.347) (20,483) 2,191 (17.716) $ (195) 20,289 (636) 20,484 7.276 21,120 11,591 $ 10,444 $ 2,092 S 1,316 $ 13,252 514 See accompanying Notes to Consolidated Financial Statements