Concept explainers
Videos
Concept Introduction:
Annual report:
The annual report of the company includes the financial and other operating descriptions about the business for a particular year.
Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement,
Requirement-a:
To Indicate:
The amount of Total assets, Liabilities and
Answer to Problem 73.3C
The amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016 are as follows:
| Apple Inc. | Year 2016 |
| Million $ | |
| Total Assets | 321,686 |
| Total Liabilities | 193,437 |
| Total Stockholder's Equity | 128,249 |
Explanation of Solution
The amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016 can be found in the Consolidated Balance sheet as follows:
| Apple Inc. | Year 2016 |
| Million $ | |
| Total Assets | 321,686 |
| Total Liabilities | 193,437 |
| Total Stockholder's Equity | 128,249 |
Concept Introduction:
Annual report:
The annual report of the company includes the financial and other operating descriptions about the business for a particular year.
Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.
Requirement-b:
To Indicate:
The change in the amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016 as compared with the last year.
Answer to Problem 73.3C
The change in the amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016 as compared with the last year is as follows:
| Apple Inc. | Change |
| Million $ | |
| Total Assets | 31,341 |
| Total Liabilities | 22,447 |
| Total Stockholder's Equity | 8,894 |
Explanation of Solution
The amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016 and 2015 can be found in the Consolidated Balance sheet as follows:
| Apple Inc. | Year 2016 | Year 2015 | Change |
| Million $ | Million $ | Million $ | |
| Total Assets | 321,686 | 290,345 | 31,341 |
| Total Liabilities | 193,437 | 170,990 | 22,447 |
| Total Stockholder's Equity | 128,249 | 119,355 | 8,894 |
Concept Introduction:
Annual report:
The annual report of the company includes the financial and other operating descriptions about the business for a particular year.
Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.
Requirement-c:
To Indicate:
The amount of Current assets and current Liabilities of Apple Inc. for the years presented in the annual report for the year 2016.
Answer to Problem 73.3C
The amount of Current assets and current Liabilities of Apple Inc. for the years presented in the annual report for the year 2016 are as follows:
| Apple Inc. | Year 2016 | Year 2015 |
| Million $ | Million $ | |
| Current Assets | 106,869 | 89,378 |
| Current Liabilities | 79,006 | 80,610 |
Explanation of Solution
The amount of Current assets and current Liabilities of Apple Inc. for the years presented in the annual report for the year 2016 can be found in the Consolidated Balance sheet as follows:
| Apple Inc. | Year 2016 | Year 2015 |
| Million $ | Million $ | |
| Current Assets | 106,869 | 89,378 |
| Current Liabilities | 79,006 | 80,610 |
Concept Introduction:
Annual report:
The annual report of the company includes the financial and other operating descriptions about the business for a particular year.
Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.
Requirement-d:
To Indicate:
The liquidity of Apple Inc. for the years presented in the annual report for the year 2016.
Answer to Problem 73.3C
The liquidity of Apple Inc. for the years presented in the annual report for the year 2016 is shown as follows:
| Apple Inc. | Year 2016 | Year 2015 |
| 1.35 | 1.11 |
Apple inc. has improved its liquidity in the year 2016.
Explanation of Solution
The liquidity of Apple Inc. for the years presented in the annual report for the year 2016 is shown as follows:
| Apple Inc. | Year 2016 | Year 2015 |
| Million $ | Million $ | |
| Current Assets (A) | 106,869 | 89,378 |
| Current Liabilities (B) | 79,006 | 80,610 |
| Current Ratio (A/B) | 1.35 | 1.11 |
Hence, Apple inc. has improved its liquidity in the year 2016.
Want to see more full solutions like this?
Chapter 1 Solutions
Cornerstones of Financial Accounting
- Questin 5arrow_forwardBelle Garments manufactures customized T-shirts for football teams. The business uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. The business operates at a profit margin of 33% on sales. Belle Garments expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2025. At the end of December 2024, Belle Line Garments reported work in process inventory of $93,980 - Job FBT 101 - $51,000 & Job FBT 102 - $42,980 The following events occurred during January 2025. i) Purchased materials on account, $388,000. The purchase attracted freight charges of $4,000 ii) Incurred manufacturing wages of $400,000 iii) Requisitioned direct materials and used direct labour in manufacturing. Job # FBT 101 FBT 102 FBT 103 FBT 104 Direct Materials $70,220 97,500 105,300 117,000 iv) Issued indirect materials to production, $30,000. Direct Labour $61,200…arrow_forwardThe trial balance for K and J Nursery, Incorporated, listed the following account balances at December 31, 2024, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventory, $36,000; equipment (net), $91,000; accounts payable, $25,000; salaries payable, $10,500; interest payable, $6,500; notes payable (due in 18 months), $41,000; common stock, $72,000. Determine the year-end balance in retained earnings for K and J Nursery, Incorporated.arrow_forward
- Brun Company produces its product through two processing departments: Mixing and Baking. Information for the Mixing department follows. Direct Materials Conversion Unit Percent Complete Percent Complete Beginning work in process inventory 7.500 Units started this period 104,500 Units completed and transferred out 100.000 Ending work in process inventory 12.000 100% 25% Beginning work in process inventory Direct materials Conversion $6.800 14.500 $21.300 Costs added this period Drect materials 116,400 Conversion Total costs to account for 1.067,000 1.183.400 $1.204.700 Required 1. Prepare the Mixing department's production cost report for November using the weighted average method Check (1) C$1.000 2. Prepare the November 30 journal entry to transfer the cost of completed units from Mixing to Bakingarrow_forwardNonearrow_forwardNot need ai solution please solve this general accounting questionarrow_forward
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage