Problem

Inferring Balance Sheet Changes from the Cash Flow Statement (In direct Method)A recent st...

Inferring Balance Sheet Changes from the Cash Flow Statement (In direct Method)

A recent statement of cash flows for Apple contained the following information (dollars in millions):

Operations

Net income

$11,875

Depreciation

703

Changes in assets and liabilities

 

  Accounts receivable

(939)

  Inventories

54

  Other current assets

(1,050)

  Accounts payable

92

  Deferred revenue

6,908

  Other current liabilities

(184)

  Other adjustments

(7,300)

Cash generated by operations

$10,159

Required:

For each of the asset and liability accounts listed on the statement of cash flows, determine whether the account balances increased or decreased during the period.

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