Refer to the Apple Inc. consolidated financial statements in Appendix A and online in the filings section
Question:
Refer to the Apple Inc. consolidated financial statements in Appendix A and online in the filings section of www.sec.gov. The cash and cash equivalents section of the Consolidated Balance Sheet shows a balance of $20,484 million as of September 24, 2016.
Requirements
1. What are the general criteria for an asset to be classified as a cash equivalent?
2. Refer to the Financial Instruments section of Note 1––Summary of Significant Accounting Policies. What types of assets does the company generally include in the category of cash equivalents?
3. Does the company include any more detailed description of cash equivalents? Where? Describe the categories.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.