Question

Apple Inc. Body: address the following questions related to your selected company in paragraph (not list)...

Apple Inc.

Body: address the following questions related to your selected company in paragraph (not list) form.
1.   Who is the company’s current auditor? What does the auditor do?
2.   What method of depreciation is used by the company to depreciate its operational assets?
3.   What inventory method is used to state the value of the company’s inventory?
4.   Does the company have treasury stock (or a repurchase program)? Explain.
5.   Does the company have any investments? If so, what categories?
6.   What is the largest source of cash from financing activities?
7.   What is the largest use of cash from investing activities?
8.   Describe one footnote that presents additional detail about a reported financial statement number (provide the footnote number or letter).
9.   Describe one footnote that reports financial statement information not listed as a number in the financial statements (provide the footnote number or letter).
10.   What was the overall trend of the stock price for the most recent year?

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Answer #1

1) Ernst & Young LLP is the company's current auditor. An audit is an official inspection of accounts of an individual's or organization, typically by a body which is independent in nature. Where an accountant would work on financial documents for a client or business, an auditor comes in after and inspects those documents to ensure their accuracy.

2) Depreciation on property, plant and equipment is recognized on a straight-line basis over the estimated useful lives of the assets.

3) Inventories are measured using the first-in, first-out method.

4) Yes, there was a repurchase program . Share repurchase activity was held during the three months period which ended on September 28, 2019

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