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Ballo Brothers is a partnership owned by Abdalla Ballo and Rashad Ballo.
Information from Ballo Brothers' general ledger and income statement is given below. Forms for completing this problem are given in the Working Papers.
Net income for the month ended October 31 $62,500.00 Abdalla Ballo, Capital October 1 balance 40,000.00 Rashad Ballo, Capital October 1 balance 36,000.00 Abdalla Ballo, Drawing October 31 balance 1,500.00 Rashad Ballo, Drawing October 31 balance 1,900.00
Prepare a distribution of net income statement for Ballo Brothers. Net income or loss is to be distributed 60% to Abdalla Ballo and 40% to Rashad Ballo.
Obtain Apple Inc.’s 2016 annual report either through the ‘‘Investor Relations’’ portion of their website (do a web search for Apple investor relations) or go to www.sec.gov and click ‘‘Company Filings Search’’ under ‘‘Filings.’’
With regard to the balance sheet:
a. What amounts did Apple report as total assets, liabilities, and stockholders’ equity for 2016?
b. Did the amounts reported as assets, liabilities, and stockholders’ equity change over the last year? If so, by how much?
c. What amounts were reported as current assets and current liabilities for the years presented?
d. Provide an assessment of Apple’s liquidity based on the information obtained in part b.