Review the income statement below and describe what its showing. Also explain why an income statement is more important than a balnce sheet or cash flow statement. If you don't think its income statements are more impotant, eplain why. Apple Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except number of shares which are reflected in thousands and per share amounts)Three Months EndedNine Months EndedJune 30,2018June 29,June 30,June 29,201920192018Net sales:Products$42,354 $43,095 $162,354 $173,546Services11,45510,17033,78029,149Total net sales (1)53,80953,265196,134202,695Cost of sales:Products29,47328,956109,758113,467Services4,1093,88812,29711,473Total cost of sales33,58232,844122,055124,940Gross margin20,22720,42174,07977,755Operating expenses:Research and development4,2573,70112,10710,486Selling, general and administrative4,4264,10813,66712,489Total operating expenses8,6837,80925,77422,975Operating income11,54412,61248,30554,780Other income/(expense), net3676721,3051,702Income before provision for income taxes11,91113,28449,61056,482Provision for income taxes1,8671,7658,04011,076Net income$10,044 $11,519 $41,570 $45,406Earnings per share:Basic$2.20 $2.36 $8.92 $9.07Diluted2.18 $2.34 $8.86 $8.99Shares used in computing earnings per share:Basic4,570,6334,882,1674,660,1755,006,640Diluted4,601,3804,926,6094,691,7595,050,963(1) Net sales by reportable segment:Americas$25,056 $24,542 $87,592 $84,57645,342EuropeGreater China11,92512,13847,0389,1579,55132,54440,531Japan4,0823,86716,52416,572Rest of Asia Pacific3,5893,16714,13213,978Total net sales53,809 $53,265 $196,134 $202,695(1) Net sales by category:iPhone$25,986 $29,470 $109,019 $128,133Мас5,8205,25818,74917,858iPad5,0234,63416,62414,397Wearables, Home and Accessories5,5253,73317,96213,158Services11,45510,17033,78029,149Total net sales$453,809 $53,265 $196, 134 $202,695

Income statement is the statement which shows the profit and loss earned during the year. All…

Review the income statement below and describe what its showing. Also explain why an income statement is more important than a balnce sheet or cash flow statement. If you don't think its income statements are more impotant, eplain why.

Review the income statement below and describe what its showing. Also explain why an income statement is more important than a balnce sheet or cash flow statement. If you don't think its income statements are more impotant, eplain why.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 99.5C

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