The following summarized data (amounts in millions) are taken from the September 30, 2017, and September 24, 2016, comparative financial statements of Apple Inc., a company that designs, manufactures, and markets mobile communication and media devices and personal computers; sells a variety of related software, services, accessories, networking solutions, and offers third-party digital content and applications:

At September 26, 2015, total assets were $290,345 and total shareholders? equity was $119,355.

Required:

a. Calculate Apple Inc.?s working capital, current ratio, and acid-test ratio at September 30, 2017, and September 24, 2016. Round your ratio answers to two decimal places.

b. Calculate Apple?s ROE for the years ended September 30, 2017, and September 24, 2016. Round your percentage answers to one decimal place.

c. Calculate Apple?s ROI, showing margin and turnover, for the years ended September 30, 2017, and September 24, 2016. Round your turnover calculations to two decimal places. Round your margin and ROI percentages to one decimal place.

d. Evaluate the company?s overall liquidity and profitability.

The following historical data were derived from Apple Inc.?s consolidated financial statements (in millions):Note: Past data are not necessarily indicative of the results of future operations.

e. Calculate Apple Inc.?s total liabilities for each year presented above.

f. Are the trends expressed in these data generally consistent with each other?

g. In your opinion, which of these trends would be most meaningful to a potential investor in common stock of Apple Inc.? Which trend would be least meaningful?

h. What other data (trend or otherwise) would you like to have access to before making an investment in Apple Inc.?

1. It means that almost everything is relative, so comparison of an individual firm?s ratio results to the industry trends is important when making judgments about performance.

2. It means that the economic outcome (the amount of return) is related to the input (the investment) utilized to produce the return.

3. It means that investors and others can evaluate the economic performance of a firm, and make comparisons between firms, by using this ratio.

4. It means that a better understanding of ROI is achieved by knowing about the profitability from sales (margin) and the efficiency with which assets have been used (turnover) to generate sales.

5. It means that the focus is changed from return on total assets to return on the portion of total assets (sometimes referred to as capital) provided by the stockholders of the firm.

6. It means that the firm has enough cash, or is likely to soon collect enough cash, to pay its liabilities that are now, or soon will be, due for payment.

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(Amounts Expressed in Millions) For the Fiscal Years Ended September 30 and September 24, respectively: Net sales 2017 2016 $229,234 $215,639 114,048 Costs of sales 131,376 Operating income 61,344 60,024 $ 48,351 $ 45,687 Net income At Year End: Assets Current assets: S 20,289 $ 20,484 Cash and cash equivalents Short-term marketable securities 53,892 46,67 1 Accounts receivable, less allowances of $58 and $53, respectively . 17,874 15,754 Inventories 4,855 2,132 13,545 Vendor nontrade receivables 17,799 13,936 Other current assets 8,283 106,869 Total current assets 128,645 Long-term marketable securities . 194,714 170,430 27,010 Property, plant, and equipment, net 33,783 Goodwill ... 5,717 5,414 Acquired intangible assets, net 2,298 3,206 Other assets 10,162 8,757 $375,319 Total assets $321,686 Liabilities and Shareholders' Equity Current liabilities: $ 49,049 $ 37,294 22,027 8,080 Accounts payable 25,744 Accrued expenses Deferred revenue 7,548 Commercial paper 11,977 8,105 6,496 100,814 Current portion of long-term debt . 3,500 79,006 Total current liabilities Deferred revenue-noncurrent 2,836 2,930 Long-term debt ... 97,207 75,427 Other noncurrent liabilities 40,415 241,272 36,074 Total liabilities 193,437 Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity 31,251 35,867 98,330 96,364 (150) 634 134,047 128,249 Total liabilities and shareholders' equity. $375,319 $321,686 2016 2015 2014 2017 2013 Net sales Net income Cash, cash equivalents, and marketable securities Total assets Total term debt Other long-term obligations* Total shareholders' equity . * Includes current and long-term portions of term debt. "Excludes noncurrent deferred revenue. $229,234 48,351 $215,639 $233,7 15 $182,795 $170,910 53,394 45,687 37,037 39,510 268,895 375,319 103,703 40,415 134,047 237,585 321,686 78,927 36,074 128,249 205,666 290,345 55,829 33,427 119,355 155,239 231,839 28,987 24,826 111,547 146,761 207,000 16,960 20,208 123,549