Key figures for the recent two years of Research In Motion and Apple follow.
|
Current assets |
$5,813 |
$4,842 |
$31,555 |
$30,006 |
|
Current liabilities |
2,432 |
2,115 |
11,506 |
11,361 |
Refer to Research In Motion’s financial statements in Appendix A to answer the following.
Required
1. For the fiscal year ended February 27, 2010, what amount is credited to Income Summary to summarize its revenues earned?
2. For the fiscal year ended February 27, 2010, what amount is debited to Income Summary to summarize its expenses incurred?
3. For the fiscal year ended February 27, 2010, what is the balance of its Income Summary account before it is closed?
4. In its statement of cash flows for the year ended February 27, 2010, what amount of cash is paid in dividends to common stockholders?
5. Access RIM’s annual report for fiscal years ending after February 27, 2010, the SEC’s EDGAR database. How has the amount of net income closed to Income Summary changed in the fiscal years ending after February 27, 2010? How has the amount of cash paid as dividends changed in the fiscal years ending after February 27, 2010?