Assignment 1 Steps Resources: Financial Accounting: Tools for Business Decision Making

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Assignment 1 Steps

Resources: Financial Accounting: Tools for Business Decision Making

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.

Also, obtain the most recent 10-K report from Apple’s website.

Complete a 850-word summary of findings and recommendations from the following questions:

What are Apple’s current operations, challenges they are facing and opportunities they plan to pursue including any plans for expansion and/or relocations of operations? How did these relate to the following information?

What were the total cost and book value of property, plant, and equipment at September 2016, 2015, and 2014? (Provide the Gross P, P and E, Accumulated depreciation and amortization, and Net P, P and E or book value for each year.)

Using the notes to find financial statements, what method or methods of depreciation are used by Apple for financial reporting purposes for 2016?

What was the amount of depreciation and amortization expense for each of the three years 2014-2016? (Hint: Use the statement of cash flows).

Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased in 2016 and 2015?

Using the notes to the financial statements, explain in the summary how Apple accounted for its intangible assets in 2016.

Use the Week 2 Excel® spreadsheet to show your work if any calculations are needed and submit with your summary.

P8-3A Presented below is an aging schedule for Bryan Company.

At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000.

Instructions

(a) Journalize and post the adjusting entry for bad debts at December 31, 2016. (Use T‐accounts.)

(b) Journalize and post to the allowance account these 2017 events and transactions:

  1. March 1, a $600 customer balance originating in 2016 is judged uncollectible.
  2. May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1.

(c) Journalize the adjusting entry for bad debts at December 31, 2017, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates that total estimated bad debts will be $36,700.

Compute bad debt amounts.

(LO 2), AP

E9-5 Gotham Company purchased a new machine on October 1, 2017, at a cost of $90,000. The company estimated that the machine has a salvage value of $8,000. The machine is expected to be used for 70,000 working hours during its 8‐year life.

Instructions

Compute the depreciation expense under the straight‐line method for 2017 and 2018, assuming a December 31 year‐end.

Compute revised annual depreciation.

*E9-20 Basic information relating to a new machine purchased by Gotham Company

is presented in E9-5.

Instructions

Using the facts presented in E9-5, compute depreciation using the following methods

in the year indicated.

(a) Declining‐balance using double the straight‐line rate for 2017 and 2018.

(b) Units‐of‐activity for 2017, assuming machine usage was 480 hours. (Round

depreciation per unit to the nearest cent.)

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