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The Disclosure Project will use Apple s September 3 0 , 2 0 2 3 1 0 - K . See the Disclosure Project module
The Disclosure Project will use Apples September K See the Disclosure Project module on the left in Blackboard for selected K pages. Are there any line items on the income statement ie Consolidated Statements of Operations that indicate they have leases chapter and income taxes chapter If so please identify items amount, and which chapter it relates to If not, identify what line items lease and tax information are included within ie identify the notes that would supply this information
Are there any line items on the Consolidated Balance Sheets that indicate they have leases chapter and deferred taxes andor income taxes payablerefundable chapter If so please identify items amount, and which chapter it relates to If not, identify what line items lease and tax information are included within ie identify the notes that would supply this information
Are there any line items on the Consolidated Statements of Cash Flows how much did the company pay in taxes during the year found at the bottom of the statement of cash flows or the income tax note How did this amount differ from the company's income tax expense?
Notes to the Financial Statements only discuss current year:
Note Summary of Significant Accounting Policies: Does Apple disclose any significant accounting policies for topics covered in Chapters and If so please identify.
Find the notes where Apple discloses information on leases.
a How much does the company have in operating and finance ROU assets. How much is classified as current vs noncurrent?
b How much does the company have in lease liabilities with operating and finance lease liabilities. How much is classified as current vs noncurrent?
c Find the schedule of future payments for both operating and finance leases. What is the amount of Total undiscounted liabilities and Total lease liabilities What creates the difference between these two amounts do not answer imputed interest
d What interest rate does Apple use on their leases and how do they determine the interest rate?
Find the notes where Apple discloses information on taxes.
a How much of the company's income tax expense is current versus deferred? US versus foreign?
b Find the company's reconciliation from the statutory to effective tax rate. What are the company's statutory and effective tax rates for the current year? What are the major items in the reconciliation causing these two to diverge?
c Find the breakdown of the components of deferred taxes. What are the biggest contributors to deferred tax assets and the biggest contributors to deferred tax liabilities? How have these changed from the prior year?
d Does the company have a valuation allowance against any of these amounts? If so which ones and why?
e Find the company's discussion of unrecognized tax positions. What are the company's unrecognized tax positionsbenefits and how have they changed from the prior year? What do these amounts represent?
f Finally, identify one thing you learned about the company's income taxes that you found particularly interesting or surprising and why!
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