Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants mus
Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants must provide managers with both financial and nonfinancial information including estimates, projections, and forecasts. An important estimate for Apple is its reserve for warranty claims, and the company must provide shareholders information on these estimates.
1. Access Apple's 2015 10-K report, filed with the SEC on October 28, 2015, and find Note 10-Commitments and Contingencies. What amount of warranty expense did Apple record for 2015?
2. What amount of warranty claims did Apple pay during 2015?
3. What is Apple's accrued warranty liability at the end of 2015?
4. Access Apple's annual report for a fiscal year ending after September 26, 2015, from either its website (Apple.com) or the SEC's EDGAR database (SEC.gov). Answer the questions in parts 1, 2, and 3 after reading the current Note 10. Identify any major changes.