Chapter 5, Problem 11DQ

To determine

Concept Introduction

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owes as well as the amount invested in equity. The balance sheet follow the below mentioned rule

Assets = Liabilities + equity

Income Statement: The income statement is a financial statement that shows the net income or loss for a particular period. It is a summary of expenses and income of a particular period.

1.a.

To find: The title of inventory account of Apple Company.

To determine

To find: The way Apple presented its cost of goods sold calculation.