Use Apple’s financial statements in Appendix A to answer the following.

1. Using fiscal 2014 as the base year, compute trend percents for fiscal years 2014, 2015, and 2016 for net sales, cost of sales, operating income, other income (expense) net, provision for income taxes, and net income. (Round percents to one decimal.)

2. Compute common-size percents for fiscal years 2015 and 2016 for the following categories of assets: (a) total current assets; (b) property, plant and equipment, net; and (c) goodwill plus
acquired intangible assets, net. (Round percents to one decimal.)

3. Using current assets as a percent of total assets to measure liquidity, did Apple’s asset makeup become more liquid or less liquid in 2016?