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

Instructions
Answer the following questions using Apple’s Consolidated Statement of Income.
(a) What was the percentage change in?
(1) Sales and in
(2) Net income from 2009 to 2010 and from 2010 to 2011?
(b) What was the company’s gross profit rate in 2009, 2010, and 2011?
(c) What was the company’s percentage of net income to net sales in 2009, 2010, and 2011? Comment on any trend in this percentage.