3. Review the financial statements and choose 2 or more items (e.g. revenues, a particular expense item, a particular asset item, a particular liability or an equity item, a particular item in the cash flow statement, and etc.) to analyze. Your analysis must include the following: a. Why the items are important to your firm in your own words (i.e. Do not "google" a term and copy and paste). b. Compare 2 periods on how the number is changing and what it means for investors in your own words. c. How the item is linked to 2 or more financial statements (e.g. income statement versus balance sheet or balance sheet versus cash flow statement or income statement versus cash flow statement). d. In reference to your analyses above, comment on what is going to happen to the firm's stock price. Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts) Three Months Ended Twelve Months Ended September 26, September 28, September 26, September 28, 2020 2019 2020 2019 Net sales: Products $ 50,149 $ 51,529 $ 220,747 $ 213,883 Services 14,549 12,511 53,768 46,291 Total net sales 64,698 64,040 274,515 260,174 Cost of sales: : Products 35,197 35,238 151,286 144,996 Services 4,812 4,489 18,273 16,786 Total cost of sales 40,009 39,727 169,559 161,782 Gross margin 24,689 24,313 104,956 98,392 Operating expenses: Research and development Selling, general and administrative Total operating expenses 4,978 4,936 9,914 4,110 4,578 8,688 18,752 19,916 38,668 16,217 18,245 34,462 Operating income Other Income/(expense), net Income before provision for income taxes Provision for income taxes Net Income 14,775 126 14,901 2,228 12,673 15,625 502 16,127 2,441 13,686 66,288 803 67,091 9,680 57,411 63,930 1,807 65,737 10,481 55,256 $ $ $