Apple Inc. is a multinational that designs and manufactures consumer electronics and computer software products. Apple was established on April 1, 1976, by Steve Jobs and Steve Wozniak and incorporated on January 3, 1977.
Since its inception, Apple has transformed itself into one of the world’s most admired companies with annual sales of over $ 60 billion and net income of over $ 14 billion. Apple routinely accepts promissory notes, or notes receivable, from wholesale customers and vendors for sales of merchandise. What are notes receivables? What is the effect on the when issuing these promissory notes? What items does Apple consider when making decision regarding notes receivables?