Question: The financial statements of Apple Inc and the notes to

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

Refer to Apple’s financial statements and answer the following questions about current and contingent liabilities 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?

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