Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Apple for the year ended September 28, 2019. Locate the

Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Apple for the year ended September 28, 2019. Locate the "Consolidated Statements of Operations" (income statement) and "Consolidated Balance Sheets." You also may find the annual report at the company's website. Required: Determine the following from the company's financial statements (enter your answers in millions of dollars as shown in the financial statements): 1. What amount does the company report for accounts receivable? What does this amount represent? 2. What amount does the company report for accounts payable? What does this amount represent? 3. The company reports a single amount for "Other current liabilities" in the liability section of the balance sheet. What are some possible liabilities included in this amount? 4. What amount does the company report for common stock (including additional paid-in capital)? What does this amount represent? 5. Determine whether the company's total assets equal total liabilities plus total stockholders' (or shareholders') equity. 6. What amount does the company report for net sales? When a sale is made, does the company debit or credit the Sales Revenue account? 7. Do the company's total revenues exceed total expenses? By how much? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Accounts receivable The accounts receivable account represents the Required 4 Rechrocin Required 5 Required 6 Required 2 > Required 7
image text in transcribed
Using EDGAR (Electronic Data Gathering. Analysis, and Retrieval system), find the annual report (10-K) for Apple for the year ended September 28, 2019. Locate the "Consolidated Statements of Operations" (income statement) and "Consolidated Balance Sheets. "You also may find the annual report at the company's website. Required: Determine the following from the company's financial statements (enter your answers in millions of dollars as shown in the financial statements) 1. What amount does the company report for accounts receivable? What does this amount represent? 2. What amount does the company report for accounts payable? What does this amount represent? 3. The company reports a single amount for "Other current liabilities" in the liability section of the balance sheet. What are some possible liabilities included in this amount? 4. What amount does the company report for common stock (including additional paid-in capital)? What does this amount represent? 5. Determine whether the company's total assets equal total liabilities plus total stockholder' (or shareholders) equity. 6. What amount does the company report for net sales? When a sale is made, does the company debit or credit the Sales Revenue account? 7. Do the company's total revenues exceed total expenses? By how much? Complete this question by entering your answers in the tabs below. Accounts recalivable The accounts recelvable account represents the Using EDGAR (Electronic Data Gathering. Analysis, and Retrieval system), find the annual report (10-K) for Apple for the year ended September 28, 2019. Locate the "Consolidated Statements of Operations" (income statement) and "Consolidated Balance Sheets. "You also may find the annual report at the company's website. Required: Determine the following from the company's financial statements (enter your answers in millions of dollars as shown in the financial statements) 1. What amount does the company report for accounts receivable? What does this amount represent? 2. What amount does the company report for accounts payable? What does this amount represent? 3. The company reports a single amount for "Other current liabilities" in the liability section of the balance sheet. What are some possible liabilities included in this amount? 4. What amount does the company report for common stock (including additional paid-in capital)? What does this amount represent? 5. Determine whether the company's total assets equal total liabilities plus total stockholder' (or shareholders) equity. 6. What amount does the company report for net sales? When a sale is made, does the company debit or credit the Sales Revenue account? 7. Do the company's total revenues exceed total expenses? By how much? Complete this question by entering your answers in the tabs below. Accounts recalivable The accounts recelvable account represents the

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Concepts And Applications For Managerial Decision Making

Authors: Ralph S. Polimeni, James A. Cashin, Frank J. Fabozzi, Arthur H. Adelberg

2nd Edition

0070103100, 978-0070103108

More Books

Students also viewed these Accounting questions