The financial statements of Apple Inc. are presented in Appendix D. The complete annual report, including the notes to its financial statements, is available at the companys website. Instructions Refer to Apples financial statements to answer the following questions. a. What were Apples total assets at September 24, 2016? At September 26, 2015? b. How much cash did Apple have

Chapter 1, GAAP Exercises #5

The financial statements of Apple Inc. are presented in Appendix D. The complete annual report, including the notes to its financial statements, is available at the company’s website.
Instructions
Refer to Apple’s financial statements to answer the following questions.
a. What were Apple’s total assets at September 24, 2016? At September 26, 2015?
b. How much cash did Apple have on September 24, 2016?
c. What amount of accounts payable did Apple report on September 24, 2016? On September 26, 2015?
d. What were Apple’s total revenues in 2016? In 2015? In 2014?
e. What is the amount of the change in Apple’s net income from 2015 to 2016?

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... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...