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Refer to Apples financial statements in Appendix A to answer the following. Required 1. Assume that the

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Refer to Apple’s financial statements in Appendix A to answer the following.


Required

1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready for resale. Compute the net cost of goods purchased for the year ended September 24, 2016.

2. Compute the current ratio and acid-test ratio as of September 24, 2016, and September 26, 2015.

3. Does Apple’s 2016 current ratio outperform or under-perform the (assumed) industry average of 1.5?

4. Does Apple’s 2016 acid-test ratio outperform or under-perform the (assumed) industry average of 1.0?

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...
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1 First compute cost of sales for 2016 as follows millions September 2015 inventory 2349 Plus cost o...View the full answer


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Related Book For  answer-question
Financial Accounting Information for Decisions

Financial Accounting Information for Decisions

ISBN: 978-1259917042

9th edition

Authors: John J. Wild

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Related Video

The current ratio is a financial ratio that measures a company\'s ability to pay its short-term obligations with its short-term assets. It is calculated by dividing a company\'s current assets by its current liabilities. The formula for calculating the current ratio is: Current Ratio = Current Assets / Current Liabilities Current assets are assets that can be converted to cash within one year, while current liabilities are debts that are due within one year. A current ratio of 1:1 or greater is generally considered good, as it indicates that a company has enough current assets to cover its current liabilities. A current ratio of less than 1:1 may suggest that a company may have difficulty meeting its short-term obligations. It\'s important to note that the current ratio is just one of many financial ratios that can be used to assess a company\'s financial health. It should be used in conjunction with other financial ratios and qualitative factors to make informed decisions about investing or lending to a company.

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