At the end of most chapters, one or more demonstration cases are presented. These cases provide an overview of the primary issues discussed in the chapter. Each demonstration case is followed by a recommended solution. You should read the case carefully and then prepare your own solution before you study the recommended solution. This self-evaluation is highly recommended. The introductory case presented here reviews the elements reported on the income statement and balance sheet and how the elements within the statements are related. Apple's iPods, iPhones, and iTunes stores have become the center of the digital lifestyle for pro- fessionals and consumers alike. Extensive iPod content is even available for this textbook. The ease- of-use, seamless integration, and innovative design of Apple's products have produced record profits and stock prices for Apple's shareholders. Following is a list of the financial statement items and amounts adapted from a recent Apple income statement and balance sheet. The numbers are presented in millions of dollars for the year ended September 26, 2009. Other liabilities 12,811 Accounts payable Accounts receivable Cash Contributed capital Cost of sales Income tax expense Inventories Investments Net income Notes payable Other assets Other revenues Pretax income $ 6,471 3,361 5,263 8,210 23,397 2,280 455 Property and equipment Research and development expenses Retained earnings Sales revenues Selling, general, and administrative expenses Total assets 28,729 Total expenses 5,704 Total liabilities 6,737 Total liabilities and stockholders' 13,089 equity 326 Total revenues 7,984 Total stockholders' equity 2,954 1,333 19,622 36,537 4,149 53,851 28,879 26,019 53,851 36,863 27,832 Appi

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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Please help me create a balance sheet and an income statement for the year following exhibits 1.2 and 1.3

At the end of most chapters, one or more demonstration cases are presented. These cases provide an Apple Inc.
overview of the primary issues discussed in the chapter. Each demonstration case is followed by a
recommended solution. You should read the case carefully and then prepare your own solution before
you study the recommended solution. This self-evaluation is highly recommended. The introductory
case presented here reviews the elements reported on the income statement and balance sheet and how
the elements within the statements are related.
Apple's iPods, iPhones, and iTunes stores have become the center of the digital lifestyle for pro-
fessionals and consumers alike. Extensive iPod content is even available for this textbook. The ease-
of-use, seamless integration, and innovative design of Apple's products have produced record profits
and stock prices for Apple's shareholders. Following is a list of the financial statement items and
amounts adapted from a recent Apple income statement and balance sheet. The numbers are presented
in millions of dollars for the year ended September 26, 2009.
other liabilities
Accounts payable
Accounts receivable
Cash
Contributed capital
Cost of sales
Income tax expense
Inventories
Investments
Net income
Notes payable
Other assets
Other revenues
Pretax income
Property and equipment
Research and development expenses
Retained earnings
Sales revenues
23,397 Selling, general, and administrative
2,280
455
$6,471
3,361
5,263
8,210
expenses
Total assets
28,729
Total expenses
5,704
Total liabilities
6,737 Total liabilities and stockholders'
13,089
326
7,984
equity
Total revenues
Total stockholders' equity
12,811
2,954
1,333
19,622
36,537
4,149
53,851
28,879
26,019
53,851
36,863
27,832

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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