Part 1 Required: Perform horizontal analysis on Apple’s income statement. Data:

Part 1 Required:
Perform horizontal analysis on Apple’s income statement.
Data: Lab 8.1 Data.xlsx
Specify the Question: How can horizontal analysis of Apple’s income statement highlight changes from one year to the next?
Obtain the Data:
Open Excel file Lab 8.1 Data.xlsx.
Browse the spreadsheet that includes Apple’s income statement over 2020 and 2021.
Analyze the Data: Refer to lab 8.1 in your text for additional instructions and steps.
Upload the Word or PDF document containing your Lab screenshots using the button below.
Note: Please submit your file attachment response in one of the approved file formats; Word file (.doc or .docx), Excel file (.xls or .xlsx), or PDF. To submit photo or image files please paste them into Word or PDF. Consult with your instructor as needed on their preferred file attachment format.
Take a screenshot of the resulting horizontal analysis, paste it into a Word document named “Lab 8.1 Excel Submission.docx”, and label the screenshot Submission 1.
PART 2 REQUIRED: Answer the following questions based on the details computed.
1. What is the correct computation of the percentage change?
A. (New-Old) / divided by New X 100
B. (NEW-OLD) / DIVIDED BY old X 100
C. (old-new) / DIVIDED BY NEW X 100
d. (old-new) / DIVIDED BY old X 100
2. What IS THE percentage change in net income? (round to 1 decimal place).
3. Based on the results of the horizontal analysis, which line item on the income statement increased by the highest percentage during the year?
a. cost of services
B. net income
c. Research and development
d. selling, general and administrative
4. BASED ON THE RESULTS OF THE HORIZONTAL ANALYSIS, WHICH LINE ITEM ON THE INCOME STATEMENT decreased BY THE HIGHEST PERCENTAGE DURING THE YEAR?
A. net income
b. other income/(expense), net
c. research and development
d. selling, general and admnISTRATION
5. what is the percentage change in services? (round to 1 decimal).
part 3
If the percentage change in net income changes faster than the percentage change in revenues, what is happening in the business?
When computing the percentage change, why is the denominator the last period instead of the more current period?