Cornerstones of Financial Accounting - With CengageNow
4th Edition
ISBN: 9781337760959
Author: Rich
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 1, Problem 73.3C
To determine
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
Expert Solution
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 |
To determine
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.
Expert Solution
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 |
To determine
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.
Expert Solution
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 |
To determine
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.
Expert Solution
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?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
engageNOWv2 | Online teachin X
* CengageNOWv2 | Online teachin x+
com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. *
eBook
Show Me How
Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$382,880
Interest expense
67,570
Average total assets
5,850,000
Determine the return on total assets. If required, round the answer to one decimal place.
%
Check My Work
67°F S
Title
Using AstraZeneca plcâ??s 2014 annual report and financial statements, explain how an adjusted book
Description
Using AstraZeneca plcâs 2014 annual report and financial statements, explain how an adjusted book value approach to valuing assets and liabilities moves book value nearer to economic value.You are required to provide a written response which highlights four specific items in AstraZeneca plcâs balance sheet that might require adjusting to arrive at an economic value.For each item, explain the type of adjustment and the type of information that might be required before an adjustment could be made to arrive at an economic value for AstraZeneca plc at its 2014 financial year-end.· Calculate the following market multiple ratios for AstraZeneca plc at its 2014 financial year-end:· i.EV/EBITDA· ii.Price-to-earnings ratio (PE ratio)· iii.Price-to-cash-flow ratio· iv.Contrast and explain the results of the different market multiple ratios that you calculated.…
EDGAR: Nike (ticker: NKE)
Visit www.sec.gov/edgar and search for the Nike annual report (10-K) for the year ended May 31, 2019, using EDGAR (Electronic Data
Gathering, Analysis, and Retrieval system).
Required:
1. Locate the "Consolidated Balance Sheets" and answer the following questions:
a. What is the amount of total assets for the most recent year?
b. What is the amount of total shareholders' equity for the most recent year?
c. Calculate total liabilities for the most recent year.
2. Locate the "Consolidated Statements of Income" and answer the following questions:
a. What is the amount of revenue for the most recent year? Did it increase or decrease from the previous year?
b. What is the amount of net income for the most recent year? Did it increase or decrease from the previous year?
3. Locate the "Consolidated Statements of Cash Flows" and answer the following questions:
a. What is the amount of operating cash flows for the most recent year? How did the operating cash flow…
Chapter 1 Solutions
Cornerstones of Financial Accounting - With CengageNow
Ch. 1 - Define accounting. How does accounting differ from...Ch. 1 - Prob. 2DQCh. 1 - What is accounting entity?Ch. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Define the terms revenue and expense. How are...Ch. 1 - Name and briefly describe the purpose of the four...Ch. 1 - What types of questions are answered by the...Ch. 1 - Prob. 10DQ
Ch. 1 - Write the fundamental accounting equation. Why is...Ch. 1 - What information is included in the heading of...Ch. 1 - Define current assets and current liabilities. Why...Ch. 1 - Prob. 14DQCh. 1 - Name the two main components of stockholders;...Ch. 1 - Prob. 16DQCh. 1 - How does the multiple-step income statement differ...Ch. 1 - Explain the items reported on a retained earnings...Ch. 1 - Name and describe the three categories of the...Ch. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - At December 31, Pitt Inc. has assets of $12,900...Ch. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Use the following information for Multiple-Choice...Ch. 1 - Use the following information for Multiple-Choice...Ch. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 10MCQCh. 1 - Which of the following statements concerning...Ch. 1 - Which of the following sentences regarding the...Ch. 1 - Prob. 13MCQCh. 1 - Prob. 14CECh. 1 - Cornerstone Exercise 1-15 Using the Accounting...Ch. 1 - Cornerstone Exercise 1-16 Financial Statements...Ch. 1 - Prob. 17CECh. 1 - Cornerstone Exercise 1-18 Balance Sheet An...Ch. 1 - Cornerstone Exercise 1-19 Income Statement An...Ch. 1 - Cornerstone Exercise 1-20 Retained Earnings...Ch. 1 - Prob. 21BECh. 1 - Prob. 22BECh. 1 - Brief Exercise 1-23 Business Activities Marni...Ch. 1 - Brief Exercise 1-24 The Accounting Equation...Ch. 1 - Prob. 25BECh. 1 - Brief Exercise 1-26 Income Statement An analysis...Ch. 1 - Retained Earnings Statement Listed below are...Ch. 1 - Brief 1-28 Statement of Cash Flows Listed are...Ch. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Exercise 1-31 Decisions Based on Accounting...Ch. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Exercise 1-34 Business Activities Bill and Steve...Ch. 1 - Exercise 1-35 Accounting Concepts OBJECTIVE 06° A...Ch. 1 - Exercise 1-36 The Fundamental Accounting Equation...Ch. 1 - Exercise 1-37 Balance Sheet Structure The...Ch. 1 - Exercise 1-38 Identifying Current Assets and...Ch. 1 - Exercise 1-39 Current Assets and Current...Ch. 1 - Exercise 1-40 Depreciation OBJECTIVE 0° Swanson...Ch. 1 - Exercise 1-41 Stockholders Equity OBJECTIVE o On...Ch. 1 - Prob. 42ECh. 1 - Prob. 43ECh. 1 - Prob. 44ECh. 1 - Prob. 45ECh. 1 - OBJECTIVE 6 Exercise 1-46 Income Statement ERS...Ch. 1 - Exercise 1-47 Multiple-Step Income Statement The...Ch. 1 - Exercise 1-48 Income Statement The following...Ch. 1 - Prob. 49ECh. 1 - Exercise 1-50 Statement of Cash Flows OBJECTIVE o...Ch. 1 - Exercise 1-51 Relationships Among the Financial...Ch. 1 - Exercise 1-52 Relationships Among the Financial...Ch. 1 - Exercise 1-53 Relationships Among the Financial...Ch. 1 - Prob. 54ECh. 1 - Prob. 55ECh. 1 - Problem 1-56A Applying the Fundamental Accounting...Ch. 1 - Problem 1-57A Accounting Relationships Information...Ch. 1 - Prob. 58APSACh. 1 - Prob. 59APSACh. 1 - Problem 1-60A Income Statement and Balance Sheet...Ch. 1 - Problem 1-61A Retained Earnings Statement Dittman...Ch. 1 - Problem 1-62A Retained Earnings Statements The...Ch. 1 - Problem 1-63A Income Statement, Retained Earnings...Ch. 1 - Problem 1-64A Stockholders' Equity Relationships...Ch. 1 - Problem 1-65A Relationships Among Financial...Ch. 1 - Problem 1-563 Applying the Fundamental Accounting...Ch. 1 - Problem 1-57B The Fundamental Accounting Equation...Ch. 1 - Problem 1-583 Arrangement of the Income Statement...Ch. 1 - Prob. 59BPSBCh. 1 - Problem 1-60B Income Statement and Balance Sheet...Ch. 1 - Problem 1-61B Retained Earnings Statement Magical...Ch. 1 - Problem 1-62B Retained Earnings Statements The...Ch. 1 - Problem1-63B Income Statement, Retained Earnings...Ch. 1 - Prob. 64BPSBCh. 1 - Problem 1-65B Relationships Among Financial...Ch. 1 - Prob. 66CCh. 1 - Prob. 67.1CCh. 1 - Prob. 67.2CCh. 1 - Prob. 68.1CCh. 1 - Prob. 68.2CCh. 1 - Prob. 69.1CCh. 1 - Prob. 69.2CCh. 1 - Case 1-70 Financial Statement Analysis Reproduced...Ch. 1 - Prob. 70.2CCh. 1 - Case 1-70 Financial Statement Analysis Reproduced...Ch. 1 - Prob. 71CCh. 1 - Prob. 72CCh. 1 - Prob. 73.1CCh. 1 - Prob. 73.2CCh. 1 - Prob. 73.3CCh. 1 - Case 1-73 Research and Analysis Using the Annual...Ch. 1 - Prob. 73.5CCh. 1 - Prob. 73.6CCh. 1 - Prob. 73.7CCh. 1 - Prob. 74.1CCh. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Prob. 74.3CCh. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Prob. 75.1CCh. 1 - Prob. 75.2CCh. 1 - Case 1-75 CONTINUING PROBLEM: FRONT ROW...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Analyzing Starbuckss Balance Sheet Disclosures Review the financial statements and related notes of Starbucks in Appendix A. Required: Answer the following questions pertaining to Starbuckss balance sheet as of October 1, 2017, and related information. (Note: You do not need to make any calculations. All answers may be found in the financial report.) 1. What was the amount of the current assets and current liabilities? 2. What was the single largest current asset and current liability? 3. What was the amount in the allowance for doubtful accounts? 4. What is the par value of the companys common stock? How many shares were issued and outstanding? 5. What was the total amount of inventory? What were the principal categories of inventory? 6. What costing method was used for inventories? 7. What was the total property, plant, and equipment before and after accumulated depreciation? 8. What was the accumulated depreciation? What method does the company use to depreciate its property, plant, and equipment? 9. What was the long-term debt? When is the debt due? 10. What was the retained earnings balance? What caused retained earnings to change in 2017? 11. What was the accumulated other comprehensive income/(loss) balance? 12. What was the noncontrolling interest balance?arrow_forwardReading and Interpreting Chipotles Financial Statements Refer to the financial statements for Chipotle reproduced in the chapter and answer the following questions. What was the companys net income for 2014? State Chipotles financial position on December 31, 2014, in terms of the accounting equation. By what amount did Leasehold improvements, property and equipment, net, increase during 2014? Explain what would cause an increase in this item.arrow_forwardFinancial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at the end of the text. Use the following additional information (in thousands): Instructions 1. Determine the following measures for the fiscal years ended May 31, 2016, and May 31, 2015. Round ratios and percentages to one decimal place. a. Working capital b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days sales in receivables f. Inventory turnover g. Number of days sales in inventory h. Ratio of liabilities to stockholders equity i. Asset turnover j. Return on total assets. k. Return on common stockholders equity l. Price-earnings ratio, assuming that the market price was 54.90 per share on May 29, 2016, and 52.81 per share on May 30, 2015 m. Percentage relationship of net income to sales 2. What conclusions can be drawn from these analyses?arrow_forward
- Do not hive image formatarrow_forwardProblem 1 Requirements: 1. The carrying value of investment in King Inc. shares in 2019 is? 2. How much should be reported another comprehensive income/loss in the statement of comprehensive income for 2019 in relation to the investments? Problem 2 requirements: Compute for the adjusted balance of the following: 1. Cash 2. Accounts Receivable 3. Investments 4. Property and Equipment. 5. Current Assets Thank you so much! Please answer completearrow_forwardhttps://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Financial Reporting Analysis: Use Republic Financial Holdings Limited Annual Report 2022 to answer the Questions. a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and…arrow_forward
- Using the Microsoft 10K for the Fiscal Year ended June 30, 2018 to answer questions: 7. In the financial statement, what is the balance of total deferred revenue for Microsoft at 2018 and 2017?8. What is in the balance of deferred revenue (refer to the footnotes of the financial statements in the Microsoft 10K)arrow_forwardAccounting Research Problem Refer to the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017), available on this book’s Website. Review the consolidated balance sheets.a. Identify two assets listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by adjustments to these assets accounts?b. Identify two liabilities listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by these adjustments?arrow_forward28arrow_forward
- Question 2 The following are financial statements of AR Sdn Bhd. AR Sdn Bhd Income Statement for the year ended 31/12/2015 RM RM RM Sales 18600 R/Inward (440) Net Sales 18160 COGS Opening stock Purchase 3776 11556 -R/Owards (355) 11201 +carriage inwards 234 11435 15211 -Closing stock COGS (4998) (10213) GROSS PROFIT 7947 Other income Interest Received 862 8809 (-) Expenses Carriage O/ward Motor expenses 326 664 Discount allowed 526 Rent 576 Sundry expenses Salaries & wages 1208 2447 (5747) 3062 Net Profit □ ㅇ |l>arrow_forwardHello tutor answer these general accounting questionarrow_forwardphoto_2022-03-03_08-37-34 (2).jpgfile_uploadAdd Image photo_2022-03-03_08-37-34 (2).jpgfile_uploadAdd Image close close What is the Inventory turnover, Age of inventory, asset turnover (2 years), and Fixed asset turnover (2 years)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
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
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License