The notes that accompany a companys financial statements provide informative details that would clutter the amounts and

Question:

The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of Apple Inc. in Appendix A as well as its annual report. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also provided in Appendix A.

Instructions

Answer the following questions. Complete the requirements in millions of dollars, as shown in Apple’s annual report.

(a) What did Apple report for the amount of inventories in its consolidated balance sheet at September 29, 2012? At September 28, 2013?

(b) Compute the dollar amount of change and the percentage change in inventories between 2012 and 2013. Compute inventory as a percentage of current assets at September 28, 2013.

(d) What is the cost of sales (cost of goods sold) reported by Apple for 2013, 2012, and 2011? Compute the percentage of cost of sales to net sales in 2013.

Balance Sheet
Balance 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...

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