Refer to the financial statements of Apple Inc. in Appendix A. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also provided in Appendix A.
(a) What were Apple’s total long-term liabilities at September 24, 2011? What was the increase/decrease in total long-term liabilities from the prior year?
(b) Determine whether Apple redeemed (bought back) any long-term liabilities during the fiscal year ended September 24, 2011.