Given Data: Apple Inc. Statement of Financial Position At September 29, 2018 (in millions of U.S. dollars) ASSETS Current assets Cash and cash equivalents$ 25,913 Short-term investments40,388 Accounts receivable23,186 Inventories3,956 Other current assets37,896 131,339 Non-current assets Long-term investments170,799 Property, plant, and equipment41,304 Other non-current assets22,283 234,386 Total assets$ 365,725 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable$ 55,888 Short-term notes payable20,748 Deferred revenue7,543 Other current liabilities32,687 116,866 Non-current liabilities Long-term debt93,735 Other non-current liabilities47,977 141,712 Shareholders' equity Contributed capital36,747 Retained earnings70,400 107,147 Total liabilities and shareholders' equity$ 365,725 Assume that the following transactions (in millions) occurred in the next fiscal year (ended on September 28, 2019):a)Cash borrowed from banks and due in two years.$ 6,266 b)Cash paid to purchase additional investments71,000 Portion of the investments that were long-term investments20% c)Cash paid to purchase property, plant and equipment13,571 Signed short-term note payable to pay for the property, plant and equipment5,410 d)Cash received for issuing shares469 e)Cash received for selling investments costing $55,81055,810 f)Dividends declared and paid to shareholders13,735 Account Titles for Journal Entries Cash Short-term investments Accounts receivable Inventories Other assets (current) Long-term investments Property, plant and equipment Other non-current assets Accounts payable Short-term notes payable Deferred revenue Dividends payable Other current liabilities Long-term debt Other non-current liabilities Contributed capital Retained earnings Financial Statement Effects + A – A + L – L + SE – SE Choose 2 out of 6 transactions, from the list of transactions on the APPLE GivenData worksheet above.Record your 2 selected transactions in APPLE INC. Journal (Part 1) worksheet. Explanations are required for each transaction. Be sure to use the corresponding letter of the transactions you choose to match the one for the journal entry. Ie, a) in a) or b) in b). Datea)Explanation:b)Explanation:c)Explanation:d)Explanation:e)Explanation:f)Explanation:AccountsDebitCredit

Assets -Any resource that is owned or managed by a company or other economic body is considered an…

Answered: ember 29, 2018 (in millions…

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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Question

	Given Data:

	Apple Inc.
	Statement of Financial Position
	At September 29, 2018
	(in millions of U.S. dollars)

	ASSETS
	Current assets
	Cash and cash equivalents	$ 25,913
	Short-term investments	40,388
	Accounts receivable	23,186
	Inventories	3,956
	Other current assets	37,896
		131,339
	Non-current assets
	Long-term investments	170,799
	Property, plant, and equipment	41,304
	Other non-current assets	22,283
		234,386
	Total assets	$ 365,725

	LIABILITIES AND SHAREHOLDERS' EQUITY
	Current liabilities
	Accounts payable	$ 55,888
	Short-term notes payable	20,748
	Deferred revenue	7,543
	Other current liabilities	32,687
		116,866
	Non-current liabilities
	Long-term debt	93,735
	Other non-current liabilities	47,977
		141,712
	Shareholders' equity
	Contributed capital	36,747
	Retained earnings	70,400
		107,147
	Total liabilities and shareholders' equity	$ 365,725


	Assume that the following transactions (in millions) occurred in the next fiscal year (ended on September 28, 2019):
a)	Cash borrowed from banks and due in two years.	$ 6,266
b)	Cash paid to purchase additional investments	71,000
	Portion of the investments that were long-term investments	20%
c)	Cash paid to purchase property, plant and equipment	13,571
	Signed short-term note payable to pay for the property, plant and equipment	5,410
d)	Cash received for issuing shares	469
e)	Cash received for selling investments costing $55,810	55,810
f)	Dividends declared and paid to shareholders	13,735


	Account Titles for Journal Entries
	Cash
	Short-term investments
	Accounts receivable
	Inventories
	Other assets (current)
	Long-term investments
	Property, plant and equipment
	Other non-current assets
	Accounts payable
	Short-term notes payable
	Deferred revenue
	Dividends payable
	Other current liabilities
	Long-term debt
	Other non-current liabilities
	Contributed capital
	Retained earnings

	Financial Statement Effects
	+ A
	– A
	+ L
	– L
	+ SE
	– SE

Choose 2 out of 6 transactions, from the list of transactions on the APPLE GivenData worksheet above.

Record your 2 selected transactions in APPLE INC. Journal (Part 1) worksheet.

Explanations are required for each transaction. Be sure to use the corresponding letter of the transactions you choose to match the one for the journal entry. Ie, a) in a) or b) in b).

Date
a)
Explanation:
b)
Explanation:
c)
Explanation:
d)
Explanation:
e)
Explanation:
f)
Explanation:
Accounts
Debit
Credit

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