The graphic above, courtesy of Asymco‘s Horace Dediu, compares Apple’s (AAPL) cash flow for fiscal Q1 2011 (on right) with the same quarter in 2010 (left). It shows, more clearly than any other chart I’ve seen, where Apple’s revenue came from, how much of each product’s sales went to suppliers, how much was available to pay employees, how much was paid in taxes and what was retained.

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[Follow Philip Elmer-DeWitt on Twitter @philiped]