The financial statements of Apple Inc. and the notes to consolidated financial statements appear in Appendix A.

Question:

The of Apple Inc. and the notes to consolidated appear in Appendix A. Instructions for accessing and using the company’s complete annual report, including the notes to the are also provided in Appendix A.

Instructions
Refer to Apple’s and answer the following questions about current and and payroll costs.
(a) What were Apple’s total current liabilities at September 24, 2011? What was the increase/decrease in Apple’s total current liabilities from the prior year?
(b) In Apple’s Note 1 (“Summary of Significant Accounting Policies”), the company explains the nature of its contingencies. Under what conditions does Apple recognize (record and report) liabilities for contingencies?
(c) What were the components of total current liabilities on September 24, 2011?

Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a... Financial Statements
Financial 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...