Refer to Apple’s financial statements in Appendix A to answer the following. 1. Identify and…

Refer to Apple’s financial statements in Appendix A to answer the following. 1.       Identify and write out 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 26, 2015, and September 27, 2014. 4.       For the fiscal year ended September 26, 2015, what amount is credited to Income Summary to summarize its revenues earned? 5.       For the fiscal year ended September 26, 2015, what amount is debited to Income Summary to summarize its expenses incurred? 6.       For the fiscal year ended September 26, 2015, what is the balance of its Income Summary account before it is closed? 7.       Access Apple’s annual report (10-K) for fiscal years ending after September 26, 2015, at its website ( or the SEC’s EDGAR database ( Assess and compare the September 26, 2015, fiscal year profit margin to any subsequent year’s profit margin that you compute.

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