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Homework answers / question archive / 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

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

Taxation

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.

  2017 2016
Net sales $ 229,234   $ 215,639
Cost of sales   141,048     131,376
Research and development expenses   11,581     10,045
Selling, general, and administrative expenses   15,261     14,194
Operating income   ?     ?
Other income, net   ?     1,348
Provision for income taxes   15,738     ?
Net income $ 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.

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