10 May HOW DOES APPLE NOW RECORD THE SALE OF AN IPHONE?
Apple Inc: Revenue RecognitionObtain Apple’s annual report for the 2009 financial year. The filing date is: 2009-10-27. To make sure you have the correct file the link: http://www.sec.gov/Archives/edgar/data/320193/000119312509214859/d10k.htmUsing the links provided answer the following questionsQuestions:1. Refer to the revenue recognition discussion in Note 1 (page 62). In general when does Apple recognize revenue? Explain Apple’s for revenue recognition criteria. Do they appear to be aligned with the revenue recognition criteria we discussed in class?2. In the same footnote how did Apple recognize revenue for the sale of an iPhone? Record their recognition of revenue for the sale of an iPhone in the financial statements effect template. Now obtain Apple’ amended annual report (10-K/A) for the 2009 financial year.The filing date is: 2010-01-25. To make sure you have the correct file I also provided the link: http://www.sec.gov/Archives/edgar/data/320193/000119312510012091/d10ka.htm3. Refer to the revenue recognition discussion in Note 1 (page 30).What has changed compared to the old 10-K? Why do you think the changed occurred?4. How does Apple now record the sale of an iPhone? Record their recognition of revenue for the sale of an IPhone under the new revenue recognition policy in the financial statements effect template. 5. What impact did the new accounting principle for revenue recognition have on Apple’s balance sheet income statement and statement of cash flow Did the new revenue recognition principle improve or weaken the company’s gross margin for fiscal year 2009?
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