The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. The complete annual report, including the notes to the financial statements, is available at the company’s website.

Instructions

Answer the following questions using Apple's Consolidated Statement of Income.

a. What was the percentage change in (1) net sales and in (2) net income from 2013 to 2014 and from 2014 to 2015?

b. What was the company's gross profit rate in 2013, 2014, and 2015?

c. What was the company's percentage of net income to net sales in 2013, 2014, and 2015? Comment on any trend in this percentage.