Obtain the 2021 annual report of Apple, Inc. from the investor relations portion

Obtain the 2021 annual report of Apple, Inc. from the investor relations portion of its website (the annual report is also available here Download here). After reviewing the annual report, respond to the following questions:
a. On what date did Apple’s fiscal year end? Was this date different from the previous year? If so, why?
b. With regard to the income statment:
i. What amounts did Apple report as revenues, expenses, and net income for 2021?
ii. Do you detect any trends with regard to these items and can you offer an explanation for what you observe?
c. With regard to the balance sheet:
i. What amounts did Apple report as total assets, liabilities, and stockholders’ equity for 2021?
ii. What amounts were reported as current assets and current liabilities for the years presented?
d. Some common ratios used by analysts are based on income statement and balance sheet information.
i. Assess Apple’s liquidity using the working captial (current assets – current liabilities) and current ratio (current assets ÷ current liabilities).
ii. Assess Apple’s profitability by using the return on assets (net income ÷ average total assets) and return on equity (net income ÷ average total
stockholders’ equity).
iii. Assess efficiency using asset turnover (sales ÷ average total assets).
e. With regard to the statement of cash flows:
i. What amount did Apple report for cash flow from operating activities for 2021?
ii. Is the trend in cash flow from operating activities consistent with the trends in net income?
iii. BONUS QUESTION. The computation of cash flow from operating activities starts with net income and ends with cash flow from operating activites. The items that explain or “reconcile” these two are items like depreciation and changes in accounts receivable or changes in inventory. Can you explain why these items are added and subtracted? Specifically, why is depreciation added; why is a reduction in accounts receivable added; and why is a decrease in accounts payable subtracted?
f. Who were Apple’s auditors? What does Apple’s audit report say about the company’s financial statements (e.g, what type of things are included in the audit report)?

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