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HOMEWORK 1 solutions ACCT 101 FALL 2010

HOMEWORK 1 solutions ACCT 101 FALL 2010 - HOMEWORK 1 ACCT...

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HOMEWORK 1 ACCT 101 FALL 2010 This homework has 20 questions. You can take the homework as many times as you wish but only your final set of answers will be recorded and these answers will determine your grade for the assignment. The homework must be submitted by Friday, October 8, at 9:00 AM. Question 1 of 20 SECTION I: GETTING INFORMATION FROM REAL FINANCIAL STATEMENTS. questions in this section are intended to familiarize you with reading information from real financial statements. For questions 1 – 10, please refer to Apple’s 10-K for the fiscal year ended September 26, 2009 (fiscal year 2009) that is posted in the Course Materials – Homework Related - Homework 1 folder on webCafé. Please refer to consolidated financial statements for answering questions that need information from the financial statements. What was the “Cost of Goods Sold” incurred by Apple in 2009 as a fraction of Net sales? Please round your answer to the nearest percentage (e.g., round 40.6% to 41%). 60% 40% 19% 81% 70% None of the above Cost of Sales was $25,683 million (25,683 / 42,905) = 60% of revenue. Question 2 of 20 True or false: The market value of Total long-term marketable securities owned by Apple is $10,528 million as of September 26, 2009? True False True. Refer Note 3 (p.38) Question 3 of 20 True or false: The market value of Land and building owned by Apple is $955 million as of September 26, 2009? True False False. Note 5 (p. 46) shows that Land and building at historical cost is $955 million.
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However, this is not the current market value. Question 4 of 20 How much was the cash flow from operations generated by Apple in 2009 fiscal year (in millions)? $8,235 $10,159 $(6,612) $5,263 None of the above Cash generated by operating activities= $10,159 million. Refer statement of cash flows on page 25. Question 5 of 20 SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, establishes standards for reporting information about operating segments. This standard requires segmentation based on the internal organization and reporting of revenue and operating income (loss) based upon internal accounting methods. What percentage Apple’s total net sale was generated from the European operating segment (rounded to the nearest percent)? 44% 10% 52% 28% None of the above Europe net sales= $11,810 million (11,810/42,905) = 28%. See details of net sales by operating segment page 10. Question 6 of 20 How much revenue did Apple make from sale of iPod during fiscal year 2009 (in millions)? $8,091 $8,305 $54,132 $149 None of the above Apple generated net sales of $8,091 million in fiscal year 2009 from sale of iPod.
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