Apple, Inc. Consolidated Statement of Operations before tax, that Apple paid to state, local and federal income taxes. The Pandemic had the following effect on the income statement of Apple for the year ended September 26, 2020. 1) It decreased its sales and its net income, likely because customers delayed purchasing new phones and computers due to unemployment and reduced earnings. 2) It increased sales and net income dramatically. Customers stuck at home choose to spend more of their budget on Apple products. 3) Sales and Net Income increased by amounts of around 5.5\% and 3\% respectively. 4) Sales increased, but net income declined due to the extra costs related to the Pandemic. Question 6 (Mandatory) (3 points) Apple reduced operating expenses in fiscal year ending September 26, 2020 in order to conserve cash during the Pandemic. 1) True 2) False Apple, Inc. Consolidated Statement of Operations before tax, that Apple paid to state, local and federal income taxes. The Pandemic had the following effect on the income statement of Apple for the year ended September 26, 2020. 1) It decreased its sales and its net income, likely because customers delayed purchasing new phones and computers due to unemployment and reduced earnings. 2) It increased sales and net income dramatically. Customers stuck at home choose to spend more of their budget on Apple products. 3) Sales and Net Income increased by amounts of around 5.5\% and 3\% respectively. 4) Sales increased, but net income declined due to the extra costs related to the Pandemic. Question 6 (Mandatory) (3 points) Apple reduced operating expenses in fiscal year ending September 26, 2020 in order to conserve cash during the Pandemic. 1) True 2) False