Refer to Apples statement of comprehensive income in Appendix A. What is the amount of change in
Question:
Refer to Apple’s statement of comprehensive income in Appendix A. What is the amount of change in foreign currency translation, net of tax effects, for the year ended September 30, 2017? Is this change an unrealized gain or an unrealized loss?
Data from Apple’s
Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 24, 2016 September 30, 2017 ASSETS Current assets 24 20,484 Cash and cash equivalents 20,289 53,892 Short-term marketable securities 46,671 Accounts receivable, less allowances of $58 and $53, respectively 17,874 15,754 Inventories 4,855 2,132 Vendor non-trade receivables 17,799 13,545 Other current assets 13,936 8,283 128,645 Total current assets 106,869 170,430 Long-term marketable securities 194,714 Property, plant and equipment, net 33,783 27,010 Goodwill 5,717 5,414 2.298 Acquired intangible assets, net 3,206 Other non-current assets 10,162 8,757 375,319 Total assets 321,686 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities 37,294 Accounts payable Accrued ex penses 49,049 25,744 22,027 7,548 De ferred revenue 8,080 Commercial paper 11,977 8,105 Current portion of long-term debt 6,496 3,500 100,814 Total current liabilities 79,006 Deferred revenue, non-current 2,836 2,930 97,207 Long-term debt 75,427 Other non-current liabilities 40,415 36,074 193,437 Total liabilities 241,272 Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, S0.00001 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained earnings 35,867 31,251 98,330 96,364 Accumulated other comprehensive income (loss) Total shareholders' equity (150) 634 134,047 128,249 Total liabilities and shareholders' equity 375,319 321,686 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 30, 2017 September 24, 2016 September 26, 2015 Net sales 229,234 215,639 24 233,715 Cost of sales 141,048 131,376 84,263 140,089 93,626 Gross margin 88,186 Operating expenses Research and development 11,581 10,045 8,067 Selling, general and administrative Total operating ex penses 15,261 26,842 14,194 24,239 14,329 22.396 Operating income Other income (expense), net 60,024 1,348 71,230 61,344 2,745 1,285 Income before provision for income taxes 64,089 61,372 72,515 Provision for income taxes 15,738 15,685 19,121 Net income 48,351 45,687 53,394 Earnings per share: Basic Diluted %24 9.27 8.35 %24 9.28 9.21 8.31 9.22 Shares used in computing earnings per share: Basic 5,217,242 5,470,820 5,753,421 Diluted 5,251,692 5,500,281 5,793,069 Cash dividends declared per share 2.40 2.18 1.98 See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) September 30, 2017 September 24, 2016 September 26, 2015 Years ended Net income 48,351 45,687 S 53,394 Other comprehensive income (loss): Change in foreign currency translation, net of tax effects of S(77), $8 and $201, respectively 224 75 (411) Change in unrealized gains/losses on derivative instruments: Change in fair value of derivatives, net of tax benefit (expense) of S(478), $(7) and $(441), respectively 1,315 2,905 Adjustment for net (gains) losses realized and included in net income, net of tax expense (bene fit) of $475, $131 and $630, respective ly Total change in unrealized gains/losses on derivative instruments, net of tax (1,477) (741) (3,497) (162) (734) (592) Change in unrealized gains/losses on marketable securities: Change in fair value of marketable securities, net of tax benefit (expense) of $425, $(863) and $264, respectively (782) 1,582 (483) Adjustment for net (gains) losses realized and included in net income, net of tax expense (bene fit) of $35, S(31), and $(32), respectively Total change in unrealized gains/losses on marketable securities, net of tax (64) 56 59 (846) 1,638 (424) Total other comprehensive income (loss) (784) 979 (1,427 Total comprehensive income 47,567 46,666 51,967 See accompanying Notes to Consolidated Financial Statements.
Step by Step Answer:
Apple reports 224 million ...View the full answer
Related Video
Financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term \"consolidated\" in financial statement reporting. Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries.
Students also viewed these Business questions
-
Refer to Googles statement of comprehensive income in Appendix A. What was the amount of its 2017 change in net unrealized gains (losses) for its AFS investments? Data from Google's Google Inc....
-
Use the following information of Prescrip Co. to prepare a calendar year-end statement of comprehensive income. Total comprehensive income (final total).. Net income.. Change in value of...
-
Refer to Googles statement of cash flows in Appendix A. What are its cash flows from financing activities for the year ended December 31, 2017? List the items and amounts. Data from Google's Google...
-
In subsurface pipe drainage, describe the different types and materials used for the drainage?
-
(a) What thickness of cork would have the same R-factor as a 1.0-cm thick stagnant air pocket? (b) What thickness of tin would be required for the same R-factor?
-
In Exercises 7176, find each limit. f(x, y) = y(y + 1) (a) lim 0 (b) lim y f(x + x, y) - f(x,y) f(x,y + y) - f(x,y)
-
Northern Group, Inc., is a Wisconsin corporation that contracts with manufacturers and suppliers to develop marketing strategies and promotions to third-party retailers. In exchange for these...
-
Bev and Ken Hair have been married for 3 years. They live at 3567 River Street, Springfield, MO 63126. Ken is a full-time student at Southwest Missouri State University (SMSU) and Bev works as an...
-
Samsung has determined that it is optimal to price their new smartphone depending on the price elasticity of demand for the new phone in different countries. They know that the price elasticity of...
-
Custom Vans, Inc., specializes in converting standard vans to motorhomes. Depending on the amount of work and customization to be done, customization could cost less than $ 1,000 to more than $...
-
Break into teams and complete the following requirements related to effective interest amortization for a premium bond. 1. Each team member is to independently prepare a blank table with proper...
-
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments...
-
Use a graphing calculator to perform the indicated multiplications. -7.1 2.3 0.5 -3.8 -2.4 4.9 6.5 -5.2 4.9 1.7 -1.8 6.9
-
Ms. D. Pais, an investor, also contacted you for financial advice. She expects very high volatility for soybeans within the next twelve months, which is based on her view on the outlook for East...
-
A couple filed their 2008 return as married filing jointly and claimed $7,500 for the First-Time Homebuyer Credit. The couple used this home as a primary residence. In 2021, they converted the home...
-
9. Olivia is 30 years old and has just changed to a new job. She has $37,500 in the retirement plan from her former employer. She can roll all of that money into the retirement plan of the new...
-
Apple Inc., has the following abridged financial statement information for fiscal year 2019 and 2020 ($ in billions): Income Statement 2019 2020 Balance Sheet 2019 2020 Sales 259.97 274.15 Cash 28.12...
-
Hank becomes ill and must be off from work for 20 weeks. His take-home (net) pay is $500 a week. The disability insurance coverage replaces 70% of his earnings after a 4-week waiting period. If he is...
-
What is selling profit on a sales-type lease? How do we account for a sales-type lease with a selling profit?
-
As of January 1, 2018, Room Designs, Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January...
-
Scora Inc. sells a single product for $50 per unit. Budgeted sales units for the next three months follow. Prepare a sales budget for the months of January, February, and March. January February...
-
Data below are from recent annual reports for Samsung, Apple, and Google. Required 1. Compute revenue per employee for Samsung for the current year and the prior year. 2. Using revenue per employee,...
-
HOG Company makes its product for $60 per unit and sells it for $130 per unit. The sales staff receives a commission of 10% of sales. Its June income statement follows. Management expects Junes...
-
Explain the cultural diversity issue that must be addressed when forming partnerships to prevent domestic violence.
-
Let (t) (In|t3|, t, 5) (a) Find the domain of the function. (b) Find the symmetric equation of the tangent line to the curve when t=2. (c) Find the coordinate at which the normal line to F(t) at t =...
-
What is the molecular machinery and regulatory networks underlying carbon fixation pathways in photosynthesis, particularly focusing on the Calvin cycle and alternative carbon fixation mechanisms,...
Study smarter with the SolutionInn App