Obtain Apple most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and Exchange Commission (SEC). It includes the company’s financial statements and accompanying notes. The Form 10-K can be obtained either (A) from the investor relations section of the company’s Web site or (B) by using the company search feature of the SEC’s EDGAR database service found at www.sec.gov/edgar/searchedgar/companysearch.html.
- Based on the information in the company’s most recent annual report, determine each of the following for all the years presented:
- Gross profit
- Gross profit rate (Gross profit ÷ Sales)
- Income from operations
- Percentage change in income from operations
- Net income
- Percentage change in net income
Based solely on your responses to item 1, has the company’s performance improved, remained constant, or deteriorated over the periods presented? Briefly explain your answer.