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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. The complete annual report, including the notes to the financial statements, is available at the company's website. Click here to view Appendix A. Answer the following questions. (Give the amounts in millions of dollars, as shown in Apple's annual report.) (a) Your answer is correct. What did Apple report for the amount of inventories in its Consolidated Balance Sheet at September 30, 2017? At September 24, 2016? (Give the amounts in thousands of dollars.) Inventories 2017 eTextbook and Media 4,855 2016 2,132 (b) Compute the dollar amount of change and the percentage change in inventories between 2016 and 2017. (Round percentage answer to O decimal places, e.g. 154%.) Dollar amount Percentage change Change in inventories $ Compute inventory as a percentage of current assets for 2017. (Round answer to 1 decimal place, e.g. 15.4%.) Inventory as a percentage of current assets Save for Later eTextbook and Media % % Attempts: 0 of 6 used Submit Answer Appendix A Specimen Financial Statements: Apple Inc. Once each year, a corporation communicates to its stockholders and other interested parties by issuing a complete set of audited financial statements. The annual report, as this communication is called, summarizes the financial results of the company's operations for the year and its plans for the future. Many annual reports are attractive, multicolored, glossy public relations pieces, containing pictures of corporate officers and directors as well as photos and descriptions of new products and new buildings. Yet the basic function of every annual report is to report financial information, almost all of which is a product of the corporation's accounting system. The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations part of the report (pictures, products, etc.), the following are the traditional financial portions of the annual report: Financial Highlights Letter to the Stockholders Management's Discussion and Analysis Financial Statements Notes to the Financial Statements Management's Responsibility for Financial Reporting Management's Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm Selected Financial Data The official SEC filing of the annual report is called a Form 10-K, which often omits the public relations pieces found in most standard annual reports. On the following pages, we present Apple Inc.'s financial statements taken from the company's 2017 Form 10- K. The complete Form 10-K, including notes to the financial statements, is available at the company's website. Net sales Cost of sales Gross margin Operating expenses: Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Research and development. Selling, general and administrative Total operating expenses Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income Earnings per share: Basic Diluted Shares used in computing earnings per share: Basic Diluted Cash dividends declared per share $ $ $ $ September 30, 2017 229,234 141,048 88,186 11,581 15,261 26,842 61,344 2,745 64,089 15,738 48,351 5,217,242 5,251,692 9.27 $ 9.21 $ 2.40 $ See accompanying Notes to Consolidated Financial Statements. $ $ Years ended September 24, 2016 215,639 131,376 84,263 10,045 14,194 24,239 60,024 1.348 61,372 15.685 45.687 5,470,820 5,500,281 $ 8.35 S 8.31 $ 2.18 $ $ September 26, 2015 233,715 140,089 93,626 8,067 14,329 22,396 71,230 1,285 72,515 19,121 53.394 9.28 9.22 5,753,421 5,793,069 1.98 Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Net income Other comprehensive income/(loss): Change in foreign currency translation, net of tax effects of $(77), $8 and $201, respectively Change in unrealized gains/losses on derivative instruments: Change in fair value of derivatives, net of tax benefit/(expense) of $(478), $(7) and $(441), respectively Adjustment for net (gains)/losses realized and included in net income, net of tax expense/(benefit) of $475, $131 and $630, respectively Total change in unrealized gains/losses on derivative instruments, net of tax Change in unrealized gains/losses on marketable securities: Change in fair value of marketable securities, net of tax benefit/(expense) of $425, $(863) and $264, respectively Adjustment for net (gains)/losses realized and included in net income, net of tax expense/(benefit) of $35, $(31) and $(32), respectively Total change in unrealized gains/losses on marketable securities, net of tax Total other comprehensive income/(loss) Total comprehensive income $ $ September 30, 2017 48,351 224 1,315 (1,477) (162) (782) (64) (846) (784) 47,567 See accompanying Notes to Consolidated Financial Statements. $ $ Years ended September 24, 2016 45,687 75 7 (741) (734) 1,582 56 1,638 979 46,666 $ $ September 26, 2015 53,394 (411) 2,905 (3,497) (592) (483) 59 (424) (1,427) 51,967 Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowances of $58 and $53, respectively Inventories Vendor non-trade receivables Other current assets Total current assets Long-term marketable securities. Property, plant and equipment, net Goodwill Acquired intangible assets, net Other non-current assets Total assets Current liabilities: Accounts payable Accrued expenses Deferred revenue Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies ASSETS: Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity LIABILITIES AND SHAREHOLDERS' EQUITY: Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained earnings See accompanying Notes to Consolidated Financial Statements. $ $ $ September 30, 2017 20,289 $ 53,892 17,874 4,855 17,799 13,936 128,645 194,714 33.783 5,717 2,298 10,162 375,319 49,049 25,744 7,548 11.977 6,496 100,814 2,836 97,207 40,415 241,272 35,867 98.330 (150) 134,047 375,319 $ $ $ September 24, 2016 20,484 46,671 15,754 2,132 13,545 8,283 106,869 170,430 27,010 5,414 3,206 8,757 321,686 37,294 22,027 8,080 8,105 3,500 79,006 2,930 75,427 36,074 193,437 31,251 96,364 634 128,249 321,686 Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except number of shares which are reflected in thousands) Balances as of September 27, 2014 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared Repurchase of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 26, 2015 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared Repurchase of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 24, 2016 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared Repurchase of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 30, 2017 Common Stock and Additional Paid-In Capital Amount Shares 5,866,161 (325,032) 37,624 5,578,753 (279,609) 37,022 5,336,166 (246,496) 36,531 $ 5,126,201 $ 23,313 $ 3,586 (231) 748 27,416 4,262 (806) 379 31,251 4,909 (913) 620 35,867 $ Retained Earnings 87,152 53,394 (11,627) (36,026) (609) 92,284 45,687 (12,188) (29,000) - (419) 96,364 48,351 (12,803) (33,001) (581) 98,330 See accompanying Notes to Consolidated Financial Statements. $ $ Accumulated Other Comprehensive Income/(Loss) 1,082 (1,427) (345) 979 634 (784) Total Shareholders' Equity $ (150) $ 111,547 53,394 (1,427) (11,627) (36,026) 3,586 (840) 748 119,355 45,687 979 (12,188) (29,000) 4,262 (1,225) 379 128,249 48,351 (784) (12,803) (33,001) 4,909 (1,494) 620 134,047 Cash and cash equivalents, beginning of the year Operating activities: Net income Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization Share-based compensation expense Deferred income tax expense Other Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities: Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments made in connection with business acquisitions, net Payments for acquisition of property, plant and equipment Payments for acquisition of intangible assets Payments for strategic investments, net Other Cash used in investing activities Financing activities: Proceeds from issuance of common stock. Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Excess tax benefits from equity awards Payments for taxes related to net share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Change in commercial paper, net Cash used in financing activities Increase/(Decrease) in cash and cash equivalents Cash and cash equivalents, end of the year Supplemental cash flow disclosure: Cash paid for income taxes, net Cash paid for interest $ $ $ September 30, 2017 20,484 48,351 10,157 4,840 5,966 (166) (2,093) (2,723) (4,254) (5,318) 9,618 (626) (154) 63,598 (159,486) 31,775 94,564 (329) (12,451) (344) (395) 220 (46,446) 555 627 (1,874) (12,769) (32,900) 28,662 (3,500) 3,852 (17,347) (195) 20,289 $ See accompanying Notes to Consolidated Financial Statements. $ 11,591 $ 2,092 $ Years ended September 24, 2016 21,120 45,687 10,505 4,210 4,938 486 527 217 (51) 1,055 1,837 (1,554) (2,033) 65,824 (142,428) 21,258 90,536 (297) (12,734) (814) (1,388) (110) (45,977) 495 407 (1,570) (12,150) (29,722) 24,954 (2,500) (397) (20,483) (636) 20,484 10,444 1,316 $ $ $ $ September 26, 2015 13,844 53,394 11,257 3,586 1,382 385 417 (238) (3,735) (283) 5,001 1,042 9,058 81,266 (166,402) 14,538 107,447 (343) (11,247) (241) (26) (56,274) 543 749 (1,499) (11,561) (35,253) 27,114 2,191 (17,716) 7,276 21.120 13,252 514