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Jason has been hired to evaluate the consolidated statement of operations of Apple Corporation. Do the following: Prepare vertically integrated consolidated statements of operations for

  1. Jason has been hired to evaluate the consolidated statement of operations of Apple Corporation.
  2. Do the following:
    1. Prepare vertically integrated consolidated statements of operations for the three years presented.
    2. Compute the earnings per share for the three years presented.
    3. How is Apple performing? You must support your answer.
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions 12 Months Ended
Sep. 29, 2018 Sep. 30, 2017 Sep. 24, 2016
Income Statement [Abstract]
Net sales $ 265,595 $ 229,234 $ 215,639
Cost of sales 163,756 141,048 131,376
Gross margin 101,839 88,186 84,263
Operating expenses:
Research and development 14,236 11,581 10,045
Selling, general and administrative 16,705 15,261 14,194
Total operating expenses 30,941 26,842 24,239
Operating income 70,898 61,344 60,024
Other income/(expense), net 2,005 2,745 1,348
Income before provision for income taxes 72,903 64,089 61,372
Provision for income taxes 13,372 15,738 15,685
Net income $ 59,531 $ 48,351 $ 45,687
Common stock outstanding 4,955,377 5,217,242 5,470,820

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