QUESTION $1$

Over the last three reporting periods, the amount that Apple's total net sales has exceeded total cost of sales has

a$.$ increased

b$.$ decreased

c$.$ stayed the same

d$.$ cannot be determined

QUESTION $2$

Does Apple disclose its estimate of uncollectible accounts receivable on its balance sheet?

a$.$ Yes

b$.$ No

QUESTION $3$

Use the following formula to calculate Apple's accounts receivable turnover ratio at the last two balance sheet dates:

Account receivable turnover ratio $=$ Total net sales $\frac{?}{?}$ Accounts receivable, net $($Round answer to two decimal places.$)$

Select the correct answer below.

a$.$ The company collected accounts receivable faster in the most recent reporting period than the prior reporting period.

b$.$ The company collected accounts receivable slower in the most recent reporting period than the prior reporting period.

c$.$ The company collected accounts receivable at the same rate as in the prior reporting period.

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QUESTION $4$

At the most recent balance sheet date, the historical cost of the company's property, plant and equipment was $($in millions$)$:

a$.$ $$22,126.$

b$.$ $$114,457.$

c$.$ $$72,340.$

d$.$ $$217,350.$

QUESTION $5$

At the most recent balance sheet date, the book value of Apple's property, plant and equipment was $($in millions$)$:

a$.$ $$42,117.$

b$.$ $$72,340.$

c$.$ $$114,457.$

d$.$ $$22,126.$

QUESTION $6$

At the most recent balance sheet date, total depreciation and amortization expense recognized by Apple on property, plant and equipment since the assets were acquired was $($in millions$)$:

a$.$ $$9,500.$

b$.$ $$114,457.$

c$.$ $$42,117.$

d$.$ $$72,340.$

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QUESTION $7$

As a proportion of total assets, Apple's property, plant and equipment $($net$)$ over the last two reporting periods has $($round to nearest whole percent$)$:

a$.$ increased

b$.$ decreased

c$.$ stayed the same

d$.$ cannot be determined

QUESTION $8$

Apple's depreciation method results in book value being reported on the company's balance sheet early in an asset's useful life than compared to the accelerated depreciation methods.

a$.$ more

b$.$ less

c$.$ the same

QUESTION $9$

Apple's depreciation method results in net income being reported on the company's income statement early in an asset's useful life than compared to the accelerated depreciation methods.

a$.$ the same

b$.$ less

c$.$ more

QUESTION $10$

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QUESTION $10$

In the most recent reporting period, the amount of cash paid by Apple for property, plant and equipment was $($in millions$)?$

a$.$ $$10,708.$

b$.$ $$306.$

c$.$ $$2,677.$

d$.$ $$22,354.$

QUESTION $11$

Calculate Apple's return on assets ratio $($net income $/$ total assets$)$ for the last two reporting periods. Round to the nearest whole percent. Based on the company's return on assets ratio, the company's management:

a$.$ used its assets more efficiently to generate earnings.

b$.$ used its assets less efficiently to generate earnings.

c$.$ used its assets as efficiently to generate earnings.

d$.$ none of the above.

QUESTION $12$

Apple increased which account when it originally issued shares of its stock for cash?

a$.$ Retained earnings

b$.$ Shareholders' equity

c$.$ Common stock

d$.$ Revenues

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QUESTION $13$

At the most recent balance sheet date, Apple's shareholder claims to the company's assets totaled $($in millions$)$ :

a$.$ $$3,068.$

b$.$ $$64,849.$

c$.$ $$50,672.$

d$.$ $$352,755.$

QUESTION $14$

At the most recent balance sheet date, Apple's paid$-$in capital totaled:

a$.$ $$50,672.$

b$.$ $$64,849.$

c$.$ $$352,755.$

d$.$ $$3,068.$

QUESTION $15$

Apple's undistributed earnings at the most recent balance sheet date was $($in millions$)$:

a$.$ $$352,755.$

b$.$ $$(3,068).$

c$.$ $$50,672.$

d$.$ $$23,646.$

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QUESTION $16$

The amount of dividends declared by Apple during the most recent reporting period was $$14,793.$

True

False