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Integrating Accounting for Liabilities and Equity Obtain Apple's fiscal year 2019 10-K (filed October 31, 2019) either from the "Investor Relations" portion of its website (do a web search for "Apple Investor Relations") Required: Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or the PDF file, and use the search feature within the program.): 1. Calculate Apple's current, quick, and cash ratios for 2018 and 2019. The industry averages for these ratios for 2019 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places. 2019 Current Ratio Quick Ratio Cash Ratio 2018 Comment on Apple's short-term liquidity. For 2019, Apple the industry average for the current and quick ratio, but [ the industry average for the cash ratio. However, because there is little concern about Apple's ability to sell its inventories, the current ratio provides relatively high confidence that Apple be able to meet its short-term obligations.

Integrating Accounting for Liabilities and Equity Obtain Apple's fiscal year 2019 10-K (filed October 31, 2019) either from the "Investor Relations" portion of its website (do a web search for "Apple Investor Relations") Required: Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or the PDF file, and use the search feature within the program.): 1. Calculate Apple's current, quick, and cash ratios for 2018 and 2019. The industry averages for these ratios for 2019 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places. 2019 Current Ratio Quick Ratio Cash Ratio 2018 Comment on Apple's short-term liquidity. For 2019, Apple the industry average for the current and quick ratio, but [ the industry average for the cash ratio. However, because there is little concern about Apple's ability to sell its inventories, the current ratio provides relatively high confidence that Apple be able to meet its short-term obligations.

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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Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) Vendor non-trade receivables Other current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities Commitments and contingencies Apple Inc. LIABILITIES AND SHAREHOLDERS' EQUITY: Accumulated other comprehensive income/(loss) Total shareholders' equity ASSETS: Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,443,236 and 4,754,986 shares issued and outstanding, respectively Retained earnings Total liabilities and shareholders' equity September 28, 2019 Apple Inc. I 2019 Form 10-K | 31 $ $ $ $ See accompanying Notes to Consolidated Financial Statements. 48,844 $ 51,713 22,926 4,106 22,878 12,352 162,819 105,341 37,378 32,978 175,697 338,516 September 29, 2018 91,807 50,503 142,310 248,028 46,236 $ 37,720 5,522 5,980 10,260 105,718 45,174 45,898 (584) $ 90,488 338,516 $ 25,913 40,388 23,186 3,956 25,809 12,087 131,339 170,799 41,304 22,283 234,386 365,725 55,888 33,327 5,966 11,964 8,784 115,929 93,735 48,914 142,649 258,578 40,201 70,400 (3,454) 107,147 365,725
Transcribed Image Text:Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) Vendor non-trade receivables Other current assets Total current assets Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities Commitments and contingencies Apple Inc. LIABILITIES AND SHAREHOLDERS' EQUITY: Accumulated other comprehensive income/(loss) Total shareholders' equity ASSETS: Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,443,236 and 4,754,986 shares issued and outstanding, respectively Retained earnings Total liabilities and shareholders' equity September 28, 2019 Apple Inc. I 2019 Form 10-K | 31 $ $ $ $ See accompanying Notes to Consolidated Financial Statements. 48,844 $ 51,713 22,926 4,106 22,878 12,352 162,819 105,341 37,378 32,978 175,697 338,516 September 29, 2018 91,807 50,503 142,310 248,028 46,236 $ 37,720 5,522 5,980 10,260 105,718 45,174 45,898 (584) $ 90,488 338,516 $ 25,913 40,388 23,186 3,956 25,809 12,087 131,339 170,799 41,304 22,283 234,386 365,725 55,888 33,327 5,966 11,964 8,784 115,929 93,735 48,914 142,649 258,578 40,201 70,400 (3,454) 107,147 365,725
Integrating Accounting for Liabilities and Equity Obtain Apple's fiscal year 2019 10-K (filed October 31, 2019) either from the "Investor Relations" portion of its website (do a web search for "Apple Investor Relations") Required: Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or the PDF file, and use the search feature within the program.): 1. Calculate Apple's current, quick, and cash ratios for 2018 and 2019. The industry averages for these ratios for 2019 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places. 2019 Current Ratio Quick Ratio Cash Ratio 2018 Comment on Apple's short-term liquidity. For 2019, Apple the industry average for the current and quick ratio, but the industry average for the cash ratio. However, because there is little concern about Apple's ability to sell its inventories, the current ratio provides relatively high confidence that Apple be able to meet its short-term obligations.
Transcribed Image Text:Integrating Accounting for Liabilities and Equity Obtain Apple's fiscal year 2019 10-K (filed October 31, 2019) either from the "Investor Relations" portion of its website (do a web search for "Apple Investor Relations") Required: Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or the PDF file, and use the search feature within the program.): 1. Calculate Apple's current, quick, and cash ratios for 2018 and 2019. The industry averages for these ratios for 2019 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places. 2019 Current Ratio Quick Ratio Cash Ratio 2018 Comment on Apple's short-term liquidity. For 2019, Apple the industry average for the current and quick ratio, but the industry average for the cash ratio. However, because there is little concern about Apple's ability to sell its inventories, the current ratio provides relatively high confidence that Apple be able to meet its short-term obligations.
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