Presented below are the December 31 financial statements for Apple Corporation (in $ Millions).
Apple Corporation Balance Sheets as of December 31 Assets Year 2 Year 1
Cash $29,025 $162,000
Accounts Receivable 263,250 141,750
Inventory 243,000 303,750
Long-Term Investments - 81,000 Totals $535,275 $688,500
Liabilities and Shareholders' Equity
Accounts Payable $101,250 $162,000
Other Current Liabilities 32,400 20,250
Notes Payable 94,500 135,000
Common Stock 168,750 168,750
Retained Earnings 138,375 202,500
Totals $535,275 $688,500
Apple Corporation Income Statement For the Year Ended December 31, Year 2
Sales $756,000
Cost of Goods Sold 506,250
Gross Profit 249,750
Operating expenses 243,000
Income from operations 6,750
Loss on Sale of long term investment (10,125)
Net loss $(3,375)
Cash dividends of $60,750 were paid to shareholders during Year 2. Prepare a statement of cash flows using the direct method.
Presented below are the December 31 financial statements for Apple Corporation (in $ Millions).
Apple Corporation Balance Sheets as of December 31 Assets Year 2 Year 1
Cash $29,025 $162,000
Accounts Receivable 263,250 141,750
Inventory 243,000 303,750
Long-Term Investments - 81,000 Totals $535,275 $688,500
Liabilities and Shareholders' Equity
Accounts Payable $101,250 $162,000
Other Current Liabilities 32,400 20,250
Notes Payable 94,500 135,000
Common Stock 168,750 168,750
Retained Earnings 138,375 202,500
Totals $535,275 $688,500
Apple Corporation Income Statement For the Year Ended December 31, Year 2
Sales $756,000
Cost of Goods Sold 506,250
Gross Profit 249,750
Operating expenses 243,000
Income from operations 6,750
Loss on Sale of long term investment (10,125)
Net loss $(3,375)
Cash dividends of $60,750 were paid to shareholders during Year 2. Prepare a statement of cash flows using the direct method.
