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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
- 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 the three years presented.
- Compute the earnings per share for the three years presented.
- 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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