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 critical accounting policies and estimated reported by Apple Inc. in its annual report for the year 2016.
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 management opinion of prospect of year 2017 in the annual report Apple Inc. for the year 2016.
Trending nowThis is a popular solution!
Chapter 1 Solutions
Bundle: Cornerstones Of Financial Accounting, Loose-leaf Version, 4th + Lms Integrated Cengagenowv2, 1 Term Printed Access Card
- 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?arrow_forwardCase 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: Answer the following questions: What is managements assessment of each companys past performance and future prospects? Where did you find this information?arrow_forwardCase 3-79 Research and Analysis Using the Annual Report Obtain FedEx Corporations 2016 annual report either through the Investor Relations portion of their website (do a web search for FedEx investor relations) or go to www.sec.gov and click Company Filings Search under Filings. Required: 1. How does FedEx apply the revenue recognition principle?arrow_forward
- Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: Answer the following questions: With regard to the income statement: What amounts did Under Armour report as revenues, expenses, and net income for the year ended December 3 l, 2016? What amounts did Columbia report as revenues, expenses, and net income for the fiscal year ended December 31, 2016? Compare any trends that you detect with regard to revenues expenses. and net income.arrow_forwardCase 2-67 Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: l. Determine the amounts in the accounting equation for the year ending December 31, 2016, for each company. Does the accounting equation balance?arrow_forwardThe accounting equation Review financial statements for three well-known companies, such as Ford Motor Co. (F), General Motors (GM), International Business Machines (IBM), Microsoft (MSFT), or Amazon (AMZ). The financial statements may be found at hup://wvwsec.gov/edgar/searchedgar/ companysearch.html. Enter the company’s stock market symbol in the Fast Search box, enter 10-K in the Filing Type box, and click on the latest 10-K. If you wish, you can save the whole 10-K report to your computer. Examine the balance sheet for each company and determine the total assets, liabilities, and stockholders equity. Verify that total assets equal the total of the liabilities plus stockholders’ equity.arrow_forward
- Exercise 1-31 Decisions Based on Accounting Information Decision-makers use accounting information in a wide variety Of decisions including the following: 1. Deciding whether or not to lend money to a business 2. Deciding whether or not an individual has paid enough in taxes 3. Deciding whether or not to place merchandise on sale in order to reduce inventory 4. Deciding whether Or not to invest in a business 5. Deciding whether or not to demand additional benefits for employees Required: Match each decision with one of the following decision-makers who is primarily responsible for the decision: a government (G), an investor (I), a labor union (U), business managers (M), or a bank (B).arrow_forwardCase 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: Answer the following questions: What is the fiscal year-end of Under Armour? Of Columbia? Why would you expect these to be similar?arrow_forwardRefer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: Which accounts on the balance sheet and income statement of each company may require adjusting entries? Would these accounts require accruals or deferrals?arrow_forward
- Case 2-67 Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com Required: 3. Prepare the journal entry to record the following two events for Under Armour and Columbia. For simplicity, assume the event was recorded in a single journal entry. a. What journal entry is necessary to record net sales for the year ending December 31, 2016? Assume that all sales were made on account. b. What journal entry is necessary to record cash collections from customers during the year ending December 31, 2016?arrow_forwardAppendix Completing an end-of-period spreadsheet Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.: Appendix Financial statements from an end-of-period spreadsheet Based on the data in Exercise 4-25, prepare an income statement, statement of owners equity, and balance sheet for Alert Security Services Co.arrow_forwardCase 1-70 Financial Statement Analysis Reproduced below are portions of the presidents letter to stockholders and selected income statement and balance sheet data for the Wright Brothers Aviation Company. Wright Brothers is a national airline that provides both passenger service and package delivery service. Required: What trends do you detect in revenues, operating income. and net income for the period 2015-2019?arrow_forward
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningAccounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage Learning
- Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningAccounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning