The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the

Question:

The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website.

Instructions

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 26, 2015? What was the increase/decrease in Apple's total current liabilities from the prior year?

b. What were the components of total current liabilities on September 26, 2015?

c. What were Apple's total long-term liabilities at September 26, 2015? What was the increase/decrease in total long-term liabilities from the prior year?

d. Determine whether Apple redeemed (bought back) any long-term liabilities during the fiscal year ended September 26, 2015.

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...

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