Exercise 4 - Hands-on Exercise:

1. Use the following link to download Apple's 2018 10K report:

https://s2.q4cdn.com/470004039/files/doc_financials/2018/q4/10-K-2018-(As-Filed).pdf

1. Locate Apple's statement of operations and answer the following questions:
   1. On what date does Apple's fiscal year end?
   2. What was the percent increase in Apple's net sales (2018 relative to 2017)?
2. What was the percent increase in Apple's cost of sales (2018 relative to 2017)?
3. how should we answer to (b) and (c) imply about Apple's performance in 2018?
4. What was the amount of Apple's research and development expense in 2018?