The following information came from a recent balance sheet of Apple Computer, Inc.:End of Year Beginning of YearAssets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $53.9 billion $39.6 billionLiabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26.0 billion ?Owners’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $21.0 billiona. Determine the amount of total liabilities reported in Apple Computer ’s balance sheet at thebeginning of the year.b. Determine the amount of total owners’ equity reported in Apple Computer ’s balance sheet atthe end of the year.c. Retained earnings was reported in Apple Computer ’s year-end balance sheet at $19.5 billion.If retained earnings was $13.8 billion at the beginning of the year, determine net income forthe year if no dividends were declared.
The following information came from a recent
End of Year Beginning of Year
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $53.9 billion $39.6 billion
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26.0 billion ?
Owners’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $21.0 billion
a. Determine the amount of total liabilities reported in Apple Computer ’s balance sheet at the
beginning of the year.
b. Determine the amount of total owners’ equity reported in Apple Computer ’s balance sheet at
the end of the year.
c.
If retained earnings was $13.8 billion at the beginning of the year, determine net income for
the year if no dividends were declared.
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