Question: Refer to Apple's financial statements in Appendix A to answer the following. 1. Identify and write down the revenue recognition principle as explained in the

Refer to Apple's financial statements 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?

4. For the fiscal year ended September 28, 2013, what amount is credited to Income Summery to summarize its revenues earned?

5. For the fiscal year ended September 28, 2013 what amount is debited to Income Summary to summarize its expenses incurred?

6. For the fiscal year ended September 28, 2013 what is the balance of its Income Summary account before it is closed?

7. Access Apple's annual report (Form 10-K) for fiscal years ending after September 28, 2013, at its website (Apple.come) or the SEC's EDGAR database (www.SEC.gov). Assess and compare the September 28, 2013, fiscal year profit margin to any subsequent year's profit margin that you compute.

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