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Selected data from the September 26, 2020, and September 28, 2019, consolidated balance sheets and income statements (statements of operations) for the years then ended
Selected data from the September 26, 2020, and September 28, 2019, consolidated balance sheets and income statements (statements of operations) for the years then ended for Apple Incorporated follow. All amounts are reported in millions. Net sales Cost of sales. Research and development expenses Selling, general, and administrative expenses Operating income Other income, net Provision for income taxes: Net income Required: 2020 $ 274,515 169,559 18,752 19,916 2019 $ 260,174 161,782 16,217 18,245 2 7 1,807 9,680 $ 57,411 2 $ 55,256 a. Calculate the amount of Apple's gross profit for each year. Has gross profit as a percentage of sales changed significantly during the past year? b. Calculate the amount of Apple's operating income for each year. Has operating income as a percentage of sales changed significantly during the past year? c. After completing requirements a and b, calculate the other missing amounts for each year. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the amount of Apple's gross profit for each year. Has gross profit as a percentage of sales changed significantly during the past year? Note: Enter your answers in millions of dollars. Gross profit for 2020 Gross profit for 2019 Is the change in gross profit ratio significant? Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the amount of Apple's operating income for each year. Has operating income as a percentage of sales changed significantly during the past year? Note: Enter your answers in millions of dollars. Operating income for 2020 Operating income for 2019 Is the change in operating income as a percentage of net sales significant? Complete this question by entering your answers in the tabs below. Required A Required B Required C After completing requirements a and b, calculate the other missing amounts for each year. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answer in millions of dollars. Operating income Other income, net Income before provision for income taxes Provision for income taxes Net income 2020 2019 1,807 (9,680) $ 57,411 $ 55,256
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