Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected data from the September 30, 2017, and September 24, 2016, consolidated balance sheets and income statements for the years then ended for Apple

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Selected data from the September 30, 2017, and September 24, 2016, consolidated balance sheets and income statements for the years then ended for Apple Inc. follow. All amounts are reported in millions. Net sales 2017 $229,234 Cost of sales Research and development expenses Selling, general, and administrative expenses Operating income Other income, net Provision for income taxes Net income 2016 $215,639 141,048 131,376 11,581 10,045 15,261 14,194 ? ? ? 1,348 15,738 ? $ 48,351 $ 45,687 Required: 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. Indicate the financial statement effect.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting Information for Decisions

Authors: John Wild, Ken Shaw, Barbara Chiappetta

6th edition

78025761, 978-0078025761

More Books

Students also viewed these Accounting questions

Question

Is &(&i) ever valid in C? Explain.

Answered: 1 week ago

Question

Are there professional development opportunities?

Answered: 1 week ago