Reference no: EM132690080

Income Statement

Question a) Did its revenue (or sales) increase or decrease over the last year?

Revenue has decreased from $265,595. Million in 2018 to $260,174 million in 2019.

Question b) Describe the company's revenue recognition policy.

Revenue recognition:

The company followed" FASB standards and Revenue from Contracts with Customer ( Topic 606) ( "ASU 2014-09"), and additional ASUs issued to clarify the guidance in ASU 2014-09.

The company Classified the amortization of the deferred value of Maps, Siri and Free iCloud services, which are bundled in the sales price of iPhones, Mac, Ipad and certain other products, in Services net sales."

Question c) Did its cost of goods sold increase or decrease over the last year?

Cost of goods sold has increased from $163,756 million in 2018 to $161,782 million in 2019.

Question d) Did its net income increase or decrease over the last year? By how much?

Net income has decreased from $59,531 million in 2018 to $55,256 million in 2019, resulting in a decrease of $4275 million.