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Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
Not helpful? See similar books
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting And The Financial Statements. 73.3C

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-a: To Indicate: The amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016.

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, Balance sheet, Statement of owner’s equity and Cash flows statements.

Requirement-a:

To Indicate:

The amount of Total assets, Liabilities and stockholder’s equity of Apple Inc. for the year 2016.

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 Liabilities193,437
    Total Stockholder's Equity128,249

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 Liabilities193,437
    Total Stockholder's Equity128,249
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 Liabilities22,447
    Total Stockholder's Equity8,894

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 321,686 290,34531,341
    Total Liabilities 193,437 170,99022,447
    Total Stockholder's Equity 128,249 119,3558,894
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
    Current Ratio 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.

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Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
Not helpful? See similar books
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting And The Financial Statements. 73.3C
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Chapter 1 Solutions

Cornerstones of Financial Accounting
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQCh. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Prob. 11MCQCh. 1 - Prob. 12MCQCh. 1 - Prob. 13MCQCh. 1 - Prob. 14CECh. 1 - Prob. 15CECh. 1 - Prob. 16CECh. 1 - Prob. 17CECh. 1 - Prob. 18CECh. 1 - Prob. 19CECh. 1 - Prob. 20CECh. 1 - Prob. 21BECh. 1 - Prob. 22BECh. 1 - Prob. 23BECh. 1 - Prob. 24BECh. 1 - Prob. 25BECh. 1 - Prob. 26BECh. 1 - Prob. 27BECh. 1 - Prob. 28BECh. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Prob. 31ECh. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Prob. 34ECh. 1 - Prob. 35ECh. 1 - Prob. 36ECh. 1 - Prob. 37ECh. 1 - Prob. 38ECh. 1 - Prob. 39ECh. 1 - Prob. 40ECh. 1 - Prob. 41ECh. 1 - Prob. 42ECh. 1 - Prob. 43ECh. 1 - Prob. 44ECh. 1 - Prob. 45ECh. 1 - Prob. 46ECh. 1 - Prob. 47ECh. 1 - Prob. 48ECh. 1 - Prob. 49ECh. 1 - Prob. 50ECh. 1 - Prob. 51ECh. 1 - Prob. 52ECh. 1 - Prob. 53ECh. 1 - Prob. 54ECh. 1 - Prob. 55ECh. 1 - Prob. 56APSACh. 1 - Prob. 57APSACh. 1 - Prob. 58APSACh. 1 - Prob. 59APSACh. 1 - Prob. 60APSACh. 1 - Prob. 61APSACh. 1 - Prob. 62APSACh. 1 - Prob. 63APSACh. 1 - Prob. 64APSACh. 1 - Prob. 65APSACh. 1 - Prob. 56BPSBCh. 1 - Prob. 57BPSBCh. 1 - Prob. 58BPSBCh. 1 - Prob. 59BPSBCh. 1 - Prob. 60BPSBCh. 1 - Prob. 61BPSBCh. 1 - Prob. 62BPSBCh. 1 - Prob. 63BPSBCh. 1 - Prob. 64BPSBCh. 1 - Prob. 65BPSBCh. 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 - Prob. 70.1CCh. 1 - Prob. 70.2CCh. 1 - Prob. 70.3CCh. 1 - Prob. 71CCh. 1 - Prob. 72CCh. 1 - Prob. 73.1CCh. 1 - Prob. 73.2CCh. 1 - Prob. 73.3CCh. 1 - Prob. 73.4CCh. 1 - Prob. 73.5CCh. 1 - Prob. 73.6CCh. 1 - Prob. 73.7CCh. 1 - Prob. 74.1CCh. 1 - Prob. 74.2CCh. 1 - Prob. 74.3CCh. 1 - Prob. 74.4CCh. 1 - Prob. 74.5CCh. 1 - Prob. 74.6CCh. 1 - Prob. 75.1CCh. 1 - Prob. 75.2CCh. 1 - Prob. 75.3C
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