September 27, 2014 $ 182,795 112,258 70,537 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 24, 2016 September 26, 2015 Net sales 215.639 233,715 Cost of sales 131,376 140,089 Gross margin 84.263 93.626 Operating expenses Research and development 10,045 8,067 Selling, general and administrative 14.194 14.329 Total operating expenses 24,239 22,396 Operating income 60,024 71.230 Other income, net 1.348 1.285 Income before provision for income taxes 61,372 72,515 Provision for income taxes 15,685 19.121 Net income 45.687 53,394 6,041 11.993 18,034 52,503 980 53,483 13,973 39,510 $ 8.35 8.31 S S 9.28 9.22 $ $ 6.49 6.45 Earnings per share: Basic Diluted Shares used in computing carnings per share: Basic Diluted Cash dividends declared per common share 5,470,820 5,500,281 2.18 5,753,421 5,793,069 1.98 6,085,572 6,122,663 $ S 1.82 Use Apple's financial statements in Appendix A to answer the following. Required: 1. Using fiscal 2014 as the base year, compute trend percents for fiscal years 2014, 2015, and 2016 for net sales, cost of sales, operating income, other income (expense) net, provision for income taxes, and net income 2. Compute common-size percents for fiscal years 2015 and 2016 for the following categories of assets: (a) total current assets; (b) property, plant and equipment, net; and (c) goodwill plus acquired intangible assets, net. 3. Using current assets as a percent of total assets to measure liquidity, did Apple's asset makeup become more liquid or less liquid in 2016? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using fiscal 2014 as the base year, compute trend percents for fiscal years 2014, 2015, and 2016 for net sales, cost of sales, operating income, other income (expense) net, provision for income taxes, and net income. (Round your percentage answers to 1 decimal place.) Fiscal 2016 Fiscal 2015 Net Sales Cost of sales Operating income Other income/expense) Income taxes (provision for income taxes) Net income Fiscal 2014 100.0 % $ 100.0 % $ 100.0 % $ 100.0% $ 100.0 % $ 100.0 % $ 182,795 112,258 52,503 980 13,973 39,510 Required 1 Required 2 >