Complete a 1,050-word summary of findings and recommendations from the following questions:
Use the Week 2 Excel ® spreadsheet to show your work and submit with your summary.
Page 1 of 6 A Specimen Financial Statements: Apple Inc. PRINTED BY: ashad03@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. 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 2014 Form 10‐K. To access Apple's Form 10‐K, including notes to the financial statements, follow these steps: 1. Go to http://investor.apple.com. 2. Select the Financial Information tab. 3. Select the 10‐K annual report dated September 29, 2014. 4. The Notes to Consolidated Financial Statements begin on page 50. https://jigsaw.vitalsource.com/api/v0/books/9781119228301/print?from=A-1&to=A-4 3/3/2017 Page 2 of 6 https://jigsaw.vitalsource.com/api/v0/books/9781119228301/print?from=A-1&to=A-4 3/3/2017 Page 3 of 6 PRINTED BY: ashad03@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. https://jigsaw.vitalsource.com/api/v0/books/9781119228301/print?from=A-1&to=A-4 3/3/2017 Page 4 of 6 PRINTED BY: ashad03@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. https://jigsaw.vitalsource.com/api/v0/books/9781119228301/print?from=A-1&to=A-4 3/3/2017 Page 5 of 6 PRINTED BY: ashad03@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. https://jigsaw.vitalsource.com/api/v0/books/9781119228301/print?from=A-1&to=A-4 3/3/2017 Page 6 of 6 PRINTED BY: ashad03@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. https://jigsaw.vitalsource.com/api/v0/books/9781119228301/print?from=A-1&to=A-4 3/3/2017
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Running Head: FINANCIAL REPORTING PROBLEM, APPLE INC.
Financial Reporting Problem, Apple Inc.
Name
Institution
Date
FINANCIAL REPORTING PROBLEM, APPLE INC.
Total Cost and Book Value of Property, Plant, and Equipment at September 27, 2014
The cost of Property Plant and Equipment knew as the historical value is the total amount
used to purchase an asset and the amount used to bring it to its intended purpose. The book value
is regarded as the historical cost less the accumulated depreciation (Alexander & Nobes, 2013).
The total cost and carrying amount for Apple Inc. as at 27th September 2014 are shown in the table
below.
Table 1: Property, Plant, and Equipment as at 27th September 2014 (Amounts in
millions)
Land and buildings
Machinery, equipment and internal use software
Leasehold Improvements
Total cost of Property plant and equipment
Accumulated Depreciation
Book value of Property plant and equipment
It is apparent from the Table 1 presented above that the total cost of Apple Inc. The
Property, Plant, and Equipment are $39,015, and the total book value is $20,624. These two
amounts have increased from the previous year amount of $28,519 for total cost and $16,597 for
book value. This increase is an indication that the company purchased additional assets in the year
2014. (Apple Inc, 2014 p. 61). The property plant and equipment increase was spread along all the
assets. There was an increase in all the assets and totaling to $ 4,027.
Methods of Depreciation Used by Apple for Financial Reporting Purposes
For the purpose of fi.
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