The financial statements of Apple Inc. are presented in Appendix A. Instructions a. Using the consolidated income
Question:
The financial statements of Apple Inc. are presented in Appendix A.
Instructions
a. Using the consolidated income statement and balance sheet, identify items that may result in adjusting entries for deferrals.
b. Using the consolidated income statement, identify two items that may result in adjusting entries for accruals.
c. What was the amount of depreciation and amortization expense for 2017 and 2016? (You will need to examine the notes to the financial statements or the statement of cash flows.) Where was accumulated depreciation and amortization reported?
d. What was the cash paid for income taxes during 2017, reported at the bottom of the consolidated statement of cash flows? What was income tax expense (provision for income taxes) for 2017?
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso