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Using Apple's 10-K, answer the following questions: 1. Looking at Note 1 (Summary of Significant Accounting Policies), how does Apple define cash equivalents? Highly liquid investments with maturities of 3 months or less at the date of purchase. 2. Looking at the "Report of Independent Registered Public Accounting Firm supplying an opinion on Apple's internal controls over financial reporting (p. 71 of the 10-K), what was the auditor's opinion regarding the effectiveness of Apple's internal control over financial reporting? Apple maintained in all material respects, effective internal control over financial reporting as of September 24, 2016. What criteria were used to evaluate the effectiveness of these controls? Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations. 3. What was Apple's accounts receivable turnover (rounded to two decimal places) in 2015 and 2016? (Accounts receivable were $17,460,000,000 at the end of 2014.) 2016 13.23 times 2015 13.62 times Assuming the industry average for 2016 was 8.53, describe Apple's relative efficiency with its accounts receivable. Apple's accounts receivable turnover is better than the industry average. Apple is managing its accounts receivable very efficiently. 4. What was Apple's inventory turnover (rounded to two decimal places) in 2015 and 2016? (Inventories were $2,111,000,000 at the end of 2014. 58.64 times 62.82 times Assuming the industry average for 2016 was 20.24, describe Apple's relative efficiency with its inventory. Apple's inventory turnover is better 2016 2015 than the industry average. Apple is managing its inventory very efficiently. 5. Describe the trend in Apple's accounts receivable and inventory turnover. Apple's accounts receivable turnover decreased from 2015 to 2016. Its inventory turnover decreased from 2015 to 2016. 6. How many days' sales does Apple have in receivables and inventory for 2015 and 2016? (When added together, this is its operating cycle.) (Note decimal places.) Days' Sales in Receivables Days' Sales in Inventory Operating Cycle 2016 days days days 2015 days days days & How many as sales does Apple have in receivables and inventory for 2015 and 2016 (when added together this operating cycle) Detec Round at answers to two decimal plac Corting Cocle Tor can STOC what were Apps,perating margin, and proferation 2 und wert Great die hand to I much more 1 Using Apple's 10-K, answer the following questions: 1. Looking at Note 1 (Summary of Significant Accounting Policies), how does Apple define cash equivalents? Highly liquid investments with maturities of 3 months or less at the date of purchase. 2. Looking at the "Report of Independent Registered Public Accounting Firm supplying an opinion on Apple's internal controls over financial reporting (p. 71 of the 10-K), what was the auditor's opinion regarding the effectiveness of Apple's internal control over financial reporting? Apple maintained in all material respects, effective internal control over financial reporting as of September 24, 2016. What criteria were used to evaluate the effectiveness of these controls? Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations. 3. What was Apple's accounts receivable turnover (rounded to two decimal places) in 2015 and 2016? (Accounts receivable were $17,460,000,000 at the end of 2014.) 2016 13.23 times 2015 13.62 times Assuming the industry average for 2016 was 8.53, describe Apple's relative efficiency with its accounts receivable. Apple's accounts receivable turnover is better than the industry average. Apple is managing its accounts receivable very efficiently. 4. What was Apple's inventory turnover (rounded to two decimal places) in 2015 and 2016? (Inventories were $2,111,000,000 at the end of 2014. 58.64 times 62.82 times Assuming the industry average for 2016 was 20.24, describe Apple's relative efficiency with its inventory. Apple's inventory turnover is better 2016 2015 than the industry average. Apple is managing its inventory very efficiently. 5. Describe the trend in Apple's accounts receivable and inventory turnover. Apple's accounts receivable turnover decreased from 2015 to 2016. Its inventory turnover decreased from 2015 to 2016. 6. How many days' sales does Apple have in receivables and inventory for 2015 and 2016? (When added together, this is its operating cycle.) (Note decimal places.) Days' Sales in Receivables Days' Sales in Inventory Operating Cycle 2016 days days days 2015 days days days & How many as sales does Apple have in receivables and inventory for 2015 and 2016 (when added together this operating cycle) Detec Round at answers to two decimal plac Corting Cocle Tor can STOC what were Apps,perating margin, and proferation 2 und wert Great die hand to I much more 1

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