Refer to Apple Corporation (www.apple.com) and find the most recent annual report.A. Prepare a vertical analysis.B. Prepare a horizontal analysis.C. Comment on any trends you see in comparison to Exhibits 20.3 and 20.4.

Exhibit 20.3

Exhibit 20.4

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Net sales Cost of sales Research and development Selling and general Operating income Other income and expense Income before taxes Provision for income taxes Net income Financial Data 2017 2016 229,234 215,639 141,048 131,376 11,581 10,045 Vertical Analysis 2,745 1,348 64,089 61,372 15,738 15,685 48,351 45,687 15,261 14,194 61,344 60,024 26.76 2017 2016 (%) (%) 100.00 100.00 13,595 61.53 60.92 9,672 5.05 4.66 1,536 6.58 6.66 1.20 27.84 21.09 0.63 27.96 28.46 6.87 7.27 Horizontal Analysis 21.19 % $ Change Change 6.30 7.36 15.29 1,067 7.52 1,320 1,397 2,717 53 2.20 103.64 4.43 0.34 2,664 5.83