Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Apple for the year ended September 28, 2019. Locate the “Consolidated Statements of Operations” (income statement) and “Consolidated Balance Sheets.” You also may find the annual report at the company’s website.

Required:
Determine the following from the company’s financial statements:
1. What amount does the company report for accounts receivable? What does this amount represent?
2. What amount does the company report for accounts payable? What does this amount represent?

3. The company reports a single amount for “Other current liabilities” in the liability section of the balance sheet. What are some possible liabilities included in this amount?
4. What amount does the company report for common stock (including additional paid-in capital)? What does this amount represent?
5. Determine whether the company’s total assets equal total liabilities plus total stockholders’ (or shareholders’) equity.
6. What amount does the company report for net sales? When a sale is made, does the company debit or credit the Sales Revenue account?
7. Do the company’s total revenues exceed total expenses? By how much?