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Financial & Managerial Accounting
Found in: Page 47
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Key financial figures for Apple’s fiscal year ended September 26, 2015, follow.

Key Figure $ Millions

Liabilities + Equity . . . . . . . . . . . $290,479

Net income . . . . . . . . . . . . . . . . . 53,394

Revenues . . . . . . . . . . . . . . . . . . 233,715

Required 3. How much are total expenses for Apple for the year ended September 26, 2015?

The expense incurred by the Apple is $180,321

See the step by step solution

Step by Step Solution

Definition of Expense

The expenses are defined as the cost incurred by the businesses during the period for running the business and generating revenue.

Computation of Expenses

Most popular questions for Business-studies Textbooks

Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.

May 1 G. Gram invested $40,000 cash in the company in exchange for its common stock.

1 The company rented a furnished office and paid $2,200 cash for May’s rent.

3 The company purchased $1,890 of office equipment on credit.

5 The company paid $750 cash for this month’s cleaning services.

8 The company provided consulting services for a client and immediately collected $5,400 cash.

12 The company provided $2,500 of consulting services for a client on credit.

15 The company paid $750 cash for an assistant’s salary for the first half of this month.

20 The company received $2,500 cash payment for the services provided on May 12.

22 The company provided $3,200 of consulting services on credit.

25 The company received $3,200 cash payment for the services provided on May 22.

26 The company paid $1,890 cash for the office equipment purchased on May 3.

27 The company purchased $80 of advertising in this month’s (May) local paper on credit; cash payment is due June 1.

28 The company paid $750 cash for an assistant’s salary for the second half of this month.

30 The company paid $300 cash for this month’s telephone bill.

30 The company paid $280 cash for this month’s utilities.

31 The company paid $1,400 cash in dividends to the owner (sole shareholder).

Required 2. Prepare the income statement and the statement of retained earnings for the month of May, and the balance sheet as of May 31

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