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Financial Reporting Problem, Apple Inc. (Example)

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Financial Reporting Problem Apple IncName Institution Financial statement analysis serves the function of presenting the information contained in a company’s financial statements in a manner that is easily understood by any interested party. As such it provides a magnifying lens through which the actual status/ health of the business can be viewed. Therefore this paper will critically analyze the assets section of the balance sheets reported by Apple Inc. between 2012 and 2014 with an objective of deriving a clear understanding of the section and make recommendations based on the findings. The total cost of an asset is a cumulative compound that entails the actual sum of money used to acquire it alongside any other cost(s) incurred to set the asset(S) ready for its desired purpose. Such other costs incurred to put the asset in operation include transportation costs assembling costs installation costs warranties appraisals and transit insurance. The to 7 years. The company also reviewed all its long-lived assets for impairment depending on the circumstances before deciding zero impairment in the year 2014. The reporting units for the purposes of impairment are the basic reportable operating segments such as the Europe and America to where the 2014 goodwill was assigned. From the analysis it’s clear that Apple Inc. has maintained utmost consistency in the reporting of its assets. For instance it only applies the straight line method of depreciation to all its tangible and identifiable assets while testing the intangible assets for impairment. All goodwill and intangible assets that cannot be identified are never amortized at Apple. Consistency is also evidenced by the recurrent annual reviews on goodwill and other intangibles for impairment or depending on the prevailing circumstances. References Apple. (2014). Investor Relations - SEC Filings - Apple. [online] Available at: investor.apple.com [Accessed 6 Mar. 2017]. [...]

Order Description:

Purpose of Assignment The purpose of this assignment is to help you understand the basics of financial statement analysis related to the assets section of the balance sheet, data interpretation, and how financial information is obtained to understand how a company accounts for its long-lived assets. Assignment 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. 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 and submit with your summary.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $35

Words 1100

Pages 4

Completed in 3 days

Expert ProfVidel

Client Review

Amazing writer!

Positive
03.07.2017

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