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Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivalents 20,289 20,484 Short-term marketable securities 53,892 46,671 Accounts receivable, less allowances of $58 and $53, respectively 17,874 15,754 Inventories 4,855 2,132 Vendor non-trade receivables 17,799 13,545 Other current assets 13,936 8,283 Total current assets 128,645 106,869 Long-term marketable securities 194,714 170,430 Property, plant and equipment, net 33,783 27,010 Goodwill 5,717 5,414 Acquired intangible assets, net 2,298 3,206 Other non-current assets 10,162 8,757 Total assets 375,319 321,686 LIABILITIES AND SHA REHOLDERS' EQUITY Current liabilities Accounts payable Accrued ex penses 24 49,049 24 37,294 25,744 22,027 Deferred revenue 7,548 8,080 Commercial paper 11,977 8, 105 Current portion of long-term debt 6,496 3,500 Total current liabilities 100,814 79,006 Defered revenue, non-current 2,836 2,930 Long-term debt 97,207 75,427 Other non-current liabilities 40,415 36,074 Total liabilities 241,272 193,437 Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, $0.0000 1 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively 35,867 31,251 Retained earnings 98,330 96,364 Accumulated other comprehensive income (loss) (150) 634 Total shareholders' equity 134,047 128,249 Total liabilities and shareholders' equity 375,319 321,686 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) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivalents 20,289 20,484 Short-term marketable securities 53,892 46,671 Accounts receivable, less allowances of $58 and $53, respectively 17,874 15,754 Inventories 4,855 2,132 Vendor non-trade receivables 17,799 13,545 Other current assets 13,936 8,283 Total current assets 128,645 106,869 Long-term marketable securities 194,714 170,430 Property, plant and equipment, net 33,783 27,010 Goodwill 5,717 5,414 Acquired intangible assets, net 2,298 3,206 Other non-current assets 10,162 8,757 Total assets 375,319 321,686 LIABILITIES AND SHA REHOLDERS' EQUITY Current liabilities Accounts payable Accrued ex penses 24 49,049 24 37,294 25,744 22,027 Deferred revenue 7,548 8,080 Commercial paper 11,977 8, 105 Current portion of long-term debt 6,496 3,500 Total current liabilities 100,814 79,006 Defered revenue, non-current 2,836 2,930 Long-term debt 97,207 75,427 Other non-current liabilities 40,415 36,074 Total liabilities 241,272 193,437 Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, $0.0000 1 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively 35,867 31,251 Retained earnings 98,330 96,364 Accumulated other comprehensive income (loss) (150) 634 Total shareholders' equity 134,047 128,249 Total liabilities and shareholders' equity 375,319 321,686 See accompanying Notes to Consolidated Financial Statements.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Review Apple’s balance sheet in Appendix. Identify one asset account that requires adjustment before annual financial statements can be prepared. What would be the effect on the income statement if this asset account were not adjusted? (Number not required, but comment on over- or understating of net income.)

Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivalents 20,289 20,484 Short-term marketable securities 53,892 46,671 Accounts receivable, less allowances of $58 and $53, respectively 17,874 15,754 Inventories 4,855 2,132 Vendor non-trade receivables 17,799 13,545 Other current assets 13,936 8,283 Total current assets 128,645 106,869 Long-term marketable securities 194,714 170,430 Property, plant and equipment, net 33,783 27,010 Goodwill 5,717 5,414 Acquired intangible assets, net 2,298 3,206 Other non-current assets 10,162 8,757 Total assets 375,319 321,686 LIABILITIES AND SHA REHOLDERS' EQUITY Current liabilities Accounts payable Accrued ex penses 24 49,049 24 37,294 25,744 22,027 Deferred revenue 7,548 8,080 Commercial paper 11,977 8, 105 Current portion of long-term debt 6,496 3,500 Total current liabilities 100,814 79,006 Defered revenue, non-current 2,836 2,930 Long-term debt 97,207 75,427 Other non-current liabilities 40,415 36,074 Total liabilities 241,272 193,437 Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, $0.0000 1 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively 35,867 31,251 Retained earnings 98,330 96,364 Accumulated other comprehensive income (loss) (150) 634 Total shareholders' equity 134,047 128,249 Total liabilities and shareholders' equity 375,319 321,686 See accompanying Notes to Consolidated Financial Statements.
Transcribed Image Text:Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 September 24, 2016 ASSETS Current assets Cash and cash equivalents 20,289 20,484 Short-term marketable securities 53,892 46,671 Accounts receivable, less allowances of $58 and $53, respectively 17,874 15,754 Inventories 4,855 2,132 Vendor non-trade receivables 17,799 13,545 Other current assets 13,936 8,283 Total current assets 128,645 106,869 Long-term marketable securities 194,714 170,430 Property, plant and equipment, net 33,783 27,010 Goodwill 5,717 5,414 Acquired intangible assets, net 2,298 3,206 Other non-current assets 10,162 8,757 Total assets 375,319 321,686 LIABILITIES AND SHA REHOLDERS' EQUITY Current liabilities Accounts payable Accrued ex penses 24 49,049 24 37,294 25,744 22,027 Deferred revenue 7,548 8,080 Commercial paper 11,977 8, 105 Current portion of long-term debt 6,496 3,500 Total current liabilities 100,814 79,006 Defered revenue, non-current 2,836 2,930 Long-term debt 97,207 75,427 Other non-current liabilities 40,415 36,074 Total liabilities 241,272 193,437 Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, $0.0000 1 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively 35,867 31,251 Retained earnings 98,330 96,364 Accumulated other comprehensive income (loss) (150) 634 Total shareholders' equity 134,047 128,249 Total liabilities and shareholders' equity 375,319 321,686 See accompanying Notes to Consolidated Financial Statements.
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