you need to use the 10-k form of the Apple inc. in order to be able to answer the questionlink to form:https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019320000096/aapl-20200926.htm#ief781ab58e4f4fcaa872ddbd30da40e1_163Question: On which financial statement do you find current liabilities? List the page number from the most recent Form 10-K where you found current liabilities for your company.List each of the specific current liabilities the company has.Locate information about the company's contingent liabilities in the notes to the financial statements. (Hint: Do a keyword search for “contingencies”). List the page number where you find the note about contingencies.Summarize each of the company's contingent liabilities disclosed in the notes.

Current Liabilities are the liability that is due within a year. Contingent Liabilities are those…

Answered: On which financial statement do you…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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you need to use the 10-k form of the Apple inc. in order to be able to answer the question

link to form:https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019320000096/aapl-20200926.htm#ief781ab58e4f4fcaa872ddbd30da40e1_163

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On which financial statement do you find current liabilities? List the page number from the most recent Form 10-K where you found current liabilities for your company.
List each of the specific current liabilities the company has.

Locate information about the company's contingent liabilities in the notes to the financial statements. (Hint: Do a keyword search for “contingencies”). List the page number where you find the note about contingencies.
Summarize each of the company's contingent liabilities disclosed in the notes.

Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

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