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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Case 1-73 Research and Analysis Using the Annual Report

Obtain Apple Inc.’s 2016 annual report either through the “Investor Relations" portion of their website (do a web search for Apple investor relations) or go to www.sac.gov and click “Company Filings Search" under “Filings.”

Required:

Answer the following questions:

4. With regard to the income statement:

a. What amounts did Apple report as revenues, expenses. and net income for 2016?

b. Do you detect any trends with regard to revenues. expenses, or net income?

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 Revenue, expenses and net income of Apple Inc. for the year 2016.

Explanation

The amount of Revenue, expenses and net income of Apple Inc. for the year 2016 can be found in the Consolidated Statements of Operations as follows:

    Apple Inc.Year 2016
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 trend of Revenue, expenses and net income of Apple Inc. for the year 2016.

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