Chapter 2: Q1BTN-1 (page 94)
Refer to Apple’s financial statements in Appendix A for the following questions.
Required
1. What amount of total liabilities does Apple report for each of the fiscal years ended September 26, 2015, and September 27, 2014?
September 15 - $171,124
September 14 - $120,292
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Question:Refer to Apple’s financial statements in Appendix A for the following questions.
Required
4. In which fiscal year did it employ more financial leverage: September 26, 2015, or September 27, 2014? Explain.
Answer each of the following questions related to international accounting standards.
a. What type of journal entry system is applied when accounting follows IFRS?
Heineken N.V., a global brewer based in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2015 (euros in millions). Prepare the balance sheet for this company as of December 31, 2015, following the usual IFRS format.
Current liabilities………….. € 8,516 Noncurrent liabilities…………. €14,128
Current assets……………….. 5,914 Noncurrent assets ……………… 31,800
Total equity ………………… 15,070
Zucker Management Services opened for business and completed these transactions in November.
Nov. 1 Matt Zucker, the owner, invested \(30,000 cash along with \)15,000 of office equipment in the company in exchange for common stock.
2 The company prepaid \(4,500 cash for six months’ rent for an office. (Hint:Debit Prepaid Rent for \)4,500.)
4 The company made credit purchases of office equipment for \(2,500 and of office supplies for \)600. Payment is due within 10 days.
8 The company completed work for a client and immediately received \(3,400 cash.
12 The company completed a \)10,200 project for a client, who must pay within 30 days.
13 The company paid \(3,100 cash to settle the payable created on November 4.
19 The company paid \)1,800 cash for the premium on a 24-month insurance policy.
22 The company received \(5,200 cash as partial payment for the work completed on November 12.
24 The company completed work for another client for \)1,750 on credit.
28 The company paid \(5,300 cash in dividends.
29 The company purchased \)249 of additional office supplies on credit.
30 The company paid $831 cash for this month’s utility bill.
Required
3. Prepare a trial balance as of the end of November.
Question:Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.
a. Cash d. Prepaid Insurance g. Accounts Payable
b. Prepaid Rent e. Office Equipment h. Unearned Rent Revenue
c. Office Supplies f. Common Stock i. Dividends
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