Take a step back in time and imagine Apple in its infancy as a company. The year is 1976, and Steve Wozniak, Steve Jobs, and Ron Wayne are the organizing partners.
Required
1. Read the history of Apple from 1976 to 1980 at en.wikipedia.org/wiki/Apple_Computer. Identify the founders of the company. The Apple 1 went on sale in July 1976 at what price?
2. Apple was originally organized as a partnership, but was later incorporated on January 3, 1977. Its income statement in Appendix A varies in several key ways from what it would look like for a partnership. Identify at least two ways in which the Apple corporate income statement differs from a partnership income statement. (Apple’s original partnership agreement is available at apple2online.com/web_documents/apple_partnership_agreement.pdf.)
3. Compare the Apple balance sheet in Appendix A to what a partnership balance sheet would have shown. Identify at least two accounts in the Apple corporate balance sheet that would not appear in a partnership balance sheet.