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FR-HW 2 Overview of the Assignment - Analyze Apple's Statement of Earnings of 2014 and 2013. You can retrieve Apple's annual report from http://www.sec.gov/edgar/searchedgar/companysearch.html by searching Apple Inc. 10-k indicates annual reports; 10-q indicates quarterly reports. You will focus on annual reports for this assignment. You have been tasked with the job of analyzing Apple's performance between 2013 and 2014 and reporting to the investor your findings. The following list of questions provides a good start for a comprehensive summary of Apple's financial positions. Please limit your report into 4 pages. An acceptable report should address the following questions. a. What is Apple's largest expense on its income statement 2014 and what is the amount? How has this expense item changed since 2013? b. What amount does Apple report as operating profit for 2014? What amount does it report as profit before tax? What explains the difference between the two? c. What is Apple's effective tax rate for 2014 (effective tax rate is the rate at which its pre-tax profits are taxed)? d. How much is Apple's net income in 2014? How has it changed from 2013? What contributes to the change in Apple's profitability in 2014? e. How does Apple's net income in 2014 impact its balance sheet