Presented below is selected financial data for Apple !nc., for the five-year period 2010 to 2014.

Required
1. Comment on the relationship between the growth in net sales and the growth in net income over the period 2010 to 2014 and what that implies regarding cost expenses.
2. Comment on the company’s financial leverage over this period.
3. Comment on the company’s asset turnover.
4. The company declared its first dividend in 2012. Do you agree with this decision? Why?

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(in millions) Net sales... Net income. 2014 2013 2012 2011 2010 $182,795 $170,910 39,510 37,037 $156,508 41,733 $108,249 $65,225 25,922 14,013 Dividends per share 1.82 1.64 0.38 0 0 Total assets.. 231,839 207,000 176,064 116,370 75,183 Noncurrent liabilities. 56,844 39,793 19,312 10,100 5,531 Total shareholders' equity 111,547 123,549 118,210 76,615 47,791 Cash, cash equivalents, and marketable securities 155,239 146,761 121,251 81,570 51,011