Expert answer:Financial Reporting Problem, Apple Inc.

Expert answer:Resources: Financial Accounting: Tools for Business Decision Making follow these steps:Go to http://investor.apple.com.Select the Financial Information link located near the top of the page.You can see a few years worth of information near the center of the screen, select 2014.Select the 10?K annual report. Make sure when you open the file it is dated September 27, 2014.Here is the direct link to the file: http://files.shareholder.com/downloads/AAPL/3745185194x0x789040/ED3853DA-2E3F-448D-ADB4-34816C375F5D/2014_Form_10_K_As_Filed.PDF.The Notes to Consolidated Financial Statements begin on page 50, under the heading “Notes to Consolidated Financial Statements”. You could search to find the section.Note: The financial statements of Apple, Inc. are presented in Appendix A of Financial Accounting. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also provided in Appendix A. Complete a 1,050-word summary of findings and recommendations from the following questions: What were the total cost and book value of property, plant, and equipment at September 27, 2014?Using the notes to find financial statements, what method or methods of depreciation are used by Apple for financial reporting purposes?What was the amount of depreciation and amortization expense for each of the three years 2012-2014? (Hint: Use the statement of cash flows).Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased in 2014 and 2013?Using the notes to the financial statements, explain in the summary how Apple accounted for its intangible assets in 2014. Use the Week 2 Excel® spreadsheet to show your work
acc291_r6_wk2_assignment_apple_inc.xlsx

appendix_a_week2.pdf

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Name
Section
Date
Chapter 9 Financial Reporting Problem
Apple Inc.
(a)
(b)
(c)
(d)
(e)
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University of Phoenix: Financial Accounting: Tools for Business Decision Making
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A
Specimen Financial Statements: Apple
Inc.
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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
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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.
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University of Phoenix: Financial Accounting: Tools for Business Decision Making
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may be reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
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