For the fiscal year ended September 28, 2019, what amount is debited to Income Summary to summarize its expenses incurred?
For the fiscal year ended September 28, 2019, what amount is debited to Income Summary to summarize its expenses incurred?
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Years ended September 28, 2019 September 29, 2018 September 30, 2017
Net sales:
Products $ 213,883 $ 225,847 $ 196,534
Services 46,291 39,748 32,700
Total net sales 260,174 265,595 229,234
Cost of sales:
Products 144,996 148,164 126,337
Services 16,786 15,592 14,711
Total cost of sales 161,782 163,756 141,048
Gross margin 98,392 101,839 88,186
Operating expenses:
Research and development 16,217 14,236 11,581
Selling, general and administrative 18,245 16,705 15,261
Total operating expenses 34,462 30,941 26,842
Operating income 63,930 70,898 61,344
Other income (expense), net 1,807 2,005 2,745
Income before provision for income taxes 65,737 72,903 64,089
Provision for income taxes 10,481 13,372 15,738
Net income $ 55,256 $ 59,531 $ 48,351
Earnings per share:
Basic $ 11.97 $ 12.01 $ 9.27
Diluted $ 11.89 $ 11.91 $ 9.21
Shares used in computing earnings per share:
Basic 4,617,834 4,955,377 5,217,242
Diluted 4,648,913 5,000,109 5,251,692
Current assets
Cash and cash equivalents $ 48,844 $ 25,913
Marketable securities 51,713 40,388
Accounts receivable, net 22,926 23,186
Inventories 4,106 3,956
Vendor non-trade receivables 22,878 25,809
Other current assets 12,352 12,087
Total current assets 162,819 131,339
Non-current assets
Marketable securities 105,341 170,799
Property, plant and equipment, net 37,378 41,304
Other non-current assets 32,978 22,283
Total non-current assets 175,697 234,386
Total assets $ 338,516 $ 365,725
Current liabilities
Accounts payable $ 46,236 $ 55,888
Other current liabilities 37,720 33,327
Deferred revenue 5,522 5,966
Commercial paper 5,980 11,964
Term debt 10,260 8,784
Total current liabilities 105,718 115,929
Non-current liabilities
Term debt 91,807 93,735
Other non-current liabilities 50,503 48,914
Total non-current liabilities 142,310 142,649
Total liabilities 248,028 258,578
Commitments and contingencies
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 45,174 40,201
Retained earnings 45,898 70,400
Accumulated other comprehensive income (loss) (584) (3,454)
Total shareholders’ equity 90,488 107,147
Total liabilities and shareholders’ equity $ 338,516 $ 365,725
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