Refer to Apples financial statements in Appendix A to answer the following. 1. Identify and write down

Question:

Refer to Apple’s in Appendix A to answer the following.
1. Identify and write down the revenue recognition principle as explained in the chapter.
2. Review Apple’s footnotes (in Appendix A and/or from its 10-K on its website) to discover how it applies the revenue recognition principle and when it recognizes revenue. Report what you discover.
3. What is Apple’s profit margin for fiscal years ended September 28, 2013, and September 29, 2012.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...