The financial statements of Apple Inc. are presented in appendix A at the end of this textbook. Instructions for accessing and using the companies complete annual report, including the notes to the financial statements, are also provided in appendix a.

what was the percentage change in (1) net sales and in (2) net income from 2013 to 2014 and from 2014 to 2015?

What was the companys gross profit rate in 2013, 2014, and 2015?

What was the companys percentage of net income to net sales in 2013, 2014, and 2015?

September 28, 2013 $ 170,910 106,606 64,304 CONSOLIDATED STATEMENTS OF OPERATIONS (In milions, except number of shares which are reflected in thousands and per share amounts) Years ended September 26, September 27, 2015 2014 Net sales $ 233,715 $ 182,795 Cost of sales 140,089 112,258 Gross margin 93,626 70,537 Operating expenses: Research and development 8,067 6,041 Selling, general and administrative 14,329 11,993 Total operating expenses 18,034 Operating income 71,230 52,503 Other income/(expense), net 1,285 980 Income before provision for income taxes 72,515 53,483 Provision for income taxes 19,121 13,973 Net income $ 53,394 $ 39,510 22,396 4,475 10,830 15,305 48,999 1,156 50,155 13,118 37,037 $ Earnings per share: Basic Diluted $ 9.28 9.22 $ $ 6.49 $ 6.45 $ 5.72 5.68 Shares used in computing earnings per share: Basic Diluted 5,753,421 5,793,069 6,085,572 6,122,663 6,477,320 6,521,634 Cash dividends declared per share $ 1.98 $ 1.82 $ 1.64 See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) September 26, $ 53,394 Years ended September 27, $ 39,510 September 28, $ 37,037 (411) (137) 2,905 1,390 (3,497) 149 Net income Other comprehensive income/(loss): Change in foreign currency translation, net of tax effects of $201, $50 and $35, respectively Change in unrealized gains/losses on derivative Instruments: Change in fair value of derivatives, net of tax benefit/(expense) of $(441), $(297) and $(351), respectively Adjustment for net (gains) losses realized and included in net income, net of tax expense/(benefit) of $630, $(36) and $255, respectively Total change in unrealized gains/losses on derivative instruments, net of tax Change in unrealized gains/losses on marketable securities: Change in fair value of marketable securities, net of tax benefit/(expense) of $264, $(153) and $458, respectively Adjustment for net (gains losses realized and included in net income, net of tax expense/(benefit) of S(32), $71 and $82, respectively Total change in unrealized gains/losses on marketable securities, net of tax Total other comprehensive income/loss) Total comprehensive income (592) ,539 (483) 285 (791) (134) 151 59 (424) (1,427) 51,967 (131) (922) (970) 36,067 ,553 41,063 $ $ $ See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 26, 2015 September 27, 2014 $ ASSETS: Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowances of $82 and $86, respectively Inventories Deferred tax assets Vendor non-trade receivables Other current assets Total current assets Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, net Other assets Total assets 21,120 20,481 16,849 2,349 5,546 13,494 9,539 89,378 164,065 22,471 5,116 3,893 5,556 290,479 13,844 11,233 17,460 2,111 4,318 9,759 9,806 68,531 130,162 20,624 4,616 4,142 3,764 231,839 $ $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ Current liabilities: Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities 35,490 25,181 8,940 8,499 2,500 80,610 30, 196 18,453 8,491 6,308 63,448 LIABILITIES AND SHAREHOLDERS' EQUITY: $ 30,196 18,453 8,491 6,308 Current liabilities: Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,578,753 and 5,866,161 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income Total shareholders' equity Total liabilities and shareholders' equity 35,490 25,181 8,940 8,499 2,500 80,610 3,624 53,463 33,427 171,124 63,448 3,031 28,987 24,826 120,292 27,416 92.284 (345) 119,355 290,479 23,313 87,152 1,082 111,547 231,839 $ See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except number of shares which are reflected in thousands) Common Stock and Additional Paid-In Capital Retained Shares Amount Earnings 6,574,458 $ 16,422 $ 101,289 37,037 Accumulated Other Comprehensive Income/(Loss) $ 499 Total Shareholders' Equity $ 118,210 37,037 (970) (10,676) (22,950) 2,253 (970) (328,837) (10,676) (22,950) 0 2,253 48,873 (143) (444) (587) 1,232 19,764 6,294,494 471) 104,256 39,510 Balances as of September 29, 2012 Net income Other comprehensive income/loss) Dividends and dividend equivalents declared Repurchase of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 28, 2013 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared Repurchase of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 27, 2014 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared Repurchase of common stock 0 0 1,553 1,232 123,549 39,510 1,553 (11,215) (45,000) 2,863 (488,677) (11,215) (45,000) 0 2,863 60,344 (49) (399) (448) 5,866,161 1,082 7350 23,313 87,152 53,394 0 0 (11,627) (36,026) 735 111,547 53,394 (1,427) (11,627) (36,026) (1,427) ooo (325,032) 5,866,161 23,313 1,082 87,152 53,394 0 (1,427) Balances as of September 27, 2014 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared Repurchase of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 26, 2015 111,547 53,394 (1,427) (11,627) (36,026) 3,586 (11,627) (36,026) 0 (325,032) 3,586 37,624 (231) (609) (840) 748 27,416 5,578,753 $ $ 748 119,355 92,284 $ (345) $ See accompanying Notes to Consolidated Financial Statements. CONSOLIDATED STATEMENTS OF CASH FLOWS (in Millions) Years ended September 26, September 27, September 28, $ 13,844 $ 14,250 $ 10,746 53,394 39,510 37,037 Cash and cash equivalents, beginning of the year Operating activities: Net income Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization Share-based compensation expense Deferred income tax expense Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable 11,257 3,586 1,382 7.946 2,863 2,347 6,757 2,253 1,141 (4.232) (76) 611 (238) (3.735) (179) 5,400 (2,220) 167 5,938 (2,172) (973) 223 1,080 2,340 1,382 2,347 1,141 611 (238) (3,735) (179) 5,400 1,042 8,746 81,266 (4.232) (76) (2,220) 167 5,938 1,460 6,010 59,713 (2,172) (973) 223 1,080 2,340 1,459 4,521 53,666 (148,489) 20,317 104,130 Deferred income tax expense Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities: Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments made in connection with business acquisitions, net Payments for acquisition of property, plant and equipment Payments for acquisition of intangible assets Other Cash used in investing activities Financing activities: Proceeds from issuance of common stock Excess tax benefits from equity awards Taxes paid related to net share settlement of equity awards Dividends and dividend equivalents paid Repurchase of common stock Proceeds from issuance of term debt, net Change in commercial paper, net Cash used in financing activities Increase/(decrease) in cash and cash equivalents Cash and cash equivalonts, end of the year Supplemental cash flow disclosure: Cash paid for income taxes, net Cach paid for internet (496) (166,402) 14,538 107,447 (343) (11,247) (241) (26) (56,274) (217,128) 18,810 189,301 (3,765) (9,571) (242) 16 (8,165) (911) (160) (33,774) (22,579) 543 530 749 701 (1,499) (11,561) (35,253) 27.114 2,191 730 739 (1,158) (11,126) (45,000) 11,960 6,306 (37,549) (415) 13,844 $ (1,082) (10,564) (22,860) 16,896 7,276 21,120 $ (16,379) 3,513 14,259 13,252 $ 511 10,026 $ 220 9,128 OLLULATUR FULL SCR What was the percentage change in (1) net sales and in (2) net income from 2013 to 2014 and from 2014 to 20157 (Round answers to 1 decimal place 2014 2015 Percentage change in sales Percentage change in net income LINK TO TEXT What was the company's gross profit rate in 2013, 2014, and 20157 (Round answers to 1 decimal place, e.g. 15.2%) 2013 2014 2015 Gross profit rate LINK TO TEXT What was the company's percentage of net income to net sales in 2013, 2014, and 2015? (Round answers to I decimal place .0. 15.29.) 2013 2014 2015 Percentage of net income to sales A nat innamat nat Gales ? What was the company's percentage of net income to net sales in 2013, 2014, and 2015? (Roun 2013 2014 2015 Percentage of net income to sales % What is the trend of the company's percentage of net income to net sales? The percentage of net income to sales from 2013 to 2014 The percentage of net income to sales from 2014 to 2015 What was the effect of the gross profit rate? The gross profit rate has during this time