Interpreting Financial Statements BYPI-2 Apple Inc. is an international corporat

Question

Interpreting Financial Statements BYPI-2 Apple Inc. is an international corporation that designs, solutions, and anufactures, and markets a range of mobile communication and balance sheet, the fo media devices, personal computing products, and portable digital music players, as well as a variety of related software, networking hardware products. In the assets section of its 2014 balance sheet, the following data were presented: APPLE INC Balance Sheets (partial) (in U.S. millions) September 28, September 27, 2014 Assets 2013 Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowance Inventories Deferred tax assets Vendor non-trade receivables Other current assets $ 13,844 $ 14,259 11,233 17,460 2,111 4,318 9,759 9,806 26,287 13,102 1,764 3,453 7,539 6,882 Is Long-term marketable securities 106,215 16,597 130,162 Property, plant and equipment, net Goodwill 20,624 4,616 4,142 3,764 $231,839 1,577 4,179 5,146 $207,000 Acquired intangible assets, net Other assets Total assets (b) Do the assets reported on the balance sheet above tell you wh Apple is worth? What information does the balance sheet g you about the company's value? Instructions (a) For a company such as Apple, what do you think its most s this recorded on the important economic resource is? Where i balance sheet? At what value (if any) should it be shown?

Explanation / Answer

It is always complusory to prepare first Income statement before all because Net Income or loss is a part of Statement of Owner's Capital. On the other hand, the Statement of Owner's Capital is a part of Balance sheet, therefore it is constructed second and Balance Sheet is always prepared last.

AS QUESTION BYPI-2, PART B IS NOT COMPLETE, SO ATTEMPTING NEXT Q:PI-9A. PI-9A) INCOME STATEMENT Service Revenue 153750 Less: Expenses: Operating expenses 3545 Insu expense 3375 Interest expense 1195 Salaries expense 88230 Supplies expenses 20095 Total Expenses 116440 Net Income 37310 STATEMENT OF OWNER'S EQUITY Jim's Capital- OB 45850 less: Drawings -44800 add:Net Income 37310 Jim's Capital-CB 38360 BALANCE SHEET Liabilities & Shareholders Equity Amount $ Assets Amount $ AP 7850 Cash 8250 Current Liabilities 7850 AR 10080 Unearned revenue 15000 Prepaid insu 1685 NP 30800 Supplies 595 Jim's Capital 38360 Current Assets 20610 Equipment 29400 Vehicles 42000 Total 92010 Total 92010

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