pple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 28, 2019 September 29, 2018 ASSETS 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 LIABILITIES AND SHAREHOLDERS’ EQUITY 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 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, Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 28, 2019 September 29, 2018 September 30, 2017 Net income $ 55,256 $ 59,531 $ 48,351 Other comprehensive income (loss): Change in foreign currency translation, net of tax (408) (525) 224 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives (661) 523 1,315 Adjustment for net (gains) losses realized and included in net income 23 382 (1,477) Total change in unrealized gains/losses on derivative instruments (638) 905 (162) Change in unrealized gains/losses on marketable securities, net of tax: Change in fair value of marketable securities 3,802 (3,407) (782) Adjustment for net (gains) losses realized and included in net income 25 1 (64) Total change in unrealized gains/losses on marketable securities 3,827 (3,406) (846) Total other comprehensive income (loss) 2,781 (3,026) (784) Total comprehensive income $ 58,037 $ 56,505 $ 47,567 Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In millions) Years ended September 28, 2019 September 29, 2018 September 30, 2017 Total shareholders’ equity, beginning balances $ 107,147 $ 134,047 $ 128,249 Common stock and additional paid-in capital Beginning balances 40,201 35,867 31,251 Common stock issued 781 669 555 Common stock withheld related to net share settlement of equity awards (2,002) (1,778) (1,468) Share-based compensation 6,194 5,443 4,909 Tax benefit from equity awards, including transfer pricing adjustments — — 620 Ending balances 45,174 40,201 35,867 Retained earnings Beginning balances 70,400 98,330 96,364 Net income 55,256 59,531 48,351 Dividends and dividend equivalents declared (14,129) (13,735) (12,803) Common stock withheld related to net share settlement of equity awards (1,029) (948) (581) Common stock repurchased (67,101) (73,056) (33,001) Cumulative effects of changes in accounting principles 2,501 278 — Ending balances 45,898 70,400 98,330 Accumulated other comprehensive income (loss) Beginning balances (3,454) (150) 634 Other comprehensive income (loss) 2,781 (3,026) (784) Cumulative effects of changes in accounting principles 89 (278) — Ending balances (584) (3,454) (150) Total shareholders’ equity, ending balances $ 90,488 $ 107,147 $ 134,047 1. For the fiscal year ended September 28, 2019, what amount is credited to Income Summary to summarize its revenues earned?
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
September 28, 2019 September 29, 2018
ASSETS
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
LIABILITIES AND SHAREHOLDERS’ EQUITY
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
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,
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended September 28, 2019 September 29, 2018 September 30, 2017
Net income $ 55,256 $ 59,531 $ 48,351
Other comprehensive income (loss):
Change in foreign currency translation, net of tax (408) (525) 224
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivatives (661) 523 1,315
Adjustment for net (gains) losses realized and included in net income 23 382 (1,477)
Total change in unrealized gains/losses on derivative instruments (638) 905 (162)
Change in unrealized gains/losses on marketable securities, net of tax:
Change in fair value of marketable securities 3,802 (3,407) (782)
Adjustment for net (gains) losses realized and included in net income 25 1 (64)
Total change in unrealized gains/losses on marketable securities 3,827 (3,406) (846)
Total other comprehensive income (loss) 2,781 (3,026) (784)
Total comprehensive income $ 58,037 $ 56,505 $ 47,567
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
Years ended September 28, 2019 September 29, 2018 September 30, 2017
Total shareholders’ equity, beginning balances $ 107,147 $ 134,047 $ 128,249
Common stock and additional paid-in capital
Beginning balances 40,201 35,867 31,251
Common stock issued 781 669 555
Common stock withheld related to net share settlement of
equity awards (2,002) (1,778) (1,468)
Share-based compensation 6,194 5,443 4,909
Tax benefit from equity awards, including transfer
pricing adjustments — — 620
Ending balances 45,174 40,201 35,867
Retained earnings
Beginning balances 70,400 98,330 96,364
Net income 55,256 59,531 48,351
Dividends and dividend equivalents declared (14,129) (13,735) (12,803)
Common stock withheld related to net share settlement of
equity awards (1,029) (948) (581)
Common stock repurchased (67,101) (73,056) (33,001)
Cumulative effects of changes in accounting principles 2,501 278 —
Ending balances 45,898 70,400 98,330
Accumulated other comprehensive income (loss)
Beginning balances (3,454) (150) 634
Other comprehensive income (loss) 2,781 (3,026) (784)
Cumulative effects of changes in accounting principles 89 (278) —
Ending balances (584) (3,454) (150)
Total shareholders’ equity, ending balances $ 90,488 $ 107,147 $ 134,047
1. For the fiscal year ended September 28, 2019, what amount is credited to Income Summary to summarize its revenues earned?
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