1. Calculate the Asset Turnover for Apple for the most recent year, then describe how you located the information and performed your calculation. 2. Calculate the Asset Turnover for Microsoft for the most recent year, then describe how you located the information and performed your calculation. Microsoft 10-K June 30 2019.pdf (page 53 of 146) Search PART Item 8 BALANCE SHEETS n milions) June 30, 2019 2018 Assets Current assets: S 11,356 11,946 122,463 Cash and cash equivalents Short-term investments 121,822 Total cash, cash equivalents, and short-term investments Accounts receivable, net of allowance for doubtful accounts of $411 and $377 Inventories Other 133,819 29,524 2,063 10,146 133,768 26,481 2,662 6,751 Total current assets Property and equipment, net of accumulated depreciation of $35,330 and $29,223 Operating lease right-of-use assets Equity investments Goodwill 175,552 36,477 7,379 2,649 42,026 7,750 14,723 169,662 29,460 6,686 1,862 35,683 8,053 7,442 Intangible assets, net Other long-term assets $ 286,556 Total assets $ 258,848 Liabilities and stockholders' equity Current liabilities: Accounts payable Current portion of long-term debt Accrued compensation Short-term income taxes Short-term unearned revenue Other 9,382 $ 5,516 6,830 5,665 32,676 9,351 8,617 3,998 6,103 2,121 28,905 8,744 Total current liabilities 69,420 66,662 29,612 4,530 233 6,188 7,581 58,488 72,242 30,265 3,815 541 Long-term debt Long-term income taxes Long-term uneamed revenue Deferred income taxes Operating lease liabilities Other long-term liabilities 5,568 5,211 Total liabilities 176,130 184,226 Commitments and contingencies Stockholders' equity: Common stock and paid-in capital - shares authorized 24,000; outstanding 7,643 and 7,677 Retained earnings Accumulated other comprehensive loss 78,520 24,150 (340) 71,223 13,682 (2.187) Total stockholders' equity Total liabilities and stockholders' equity 82,718 102,330 $ 286,556 $258,848 Refer to accompanying notes. 53 Apple Inc. CONSOLIDATED BALANCE SHEETS (In milions, except number of shares which are reflected in thousands and par value) September 28 2019 September 29, 2018 ASSETS Current assets: Cash and cash equivalents S 25.913 48,844 Marketable securities 51,713 40,388 Accounts receivable, net 22.926 23,186 Inventories 3.956 4.106 Vendor non-trade receivables 22.878 25,809 Other curent assets 12,352 12,087 Total current assets 162,819 131,339 Non-current assets Marketable securities 105,341 170,799 Property, plant and equipment, net 37378 41,304 Other non-current assets 32.978 22.283 Total non-current assets 175.697 234,386 Total assets 338.516 365,725 LIABILITIES AND SHAREHOLDERS EQUITY: Current labilities: Accounts payable 55,888 46,236 Other current liabilities 37,720 33,327 Deferred revenue 5,522 5,966 Commercial paper 5.980 11,964 Term debt 10,260 8.784 Total current liabilities 105,718 115.929 Non-current liabilities Term debt 93,735 91,807 Other non-current iabilities 50,503 48,914 Total non-current liabilites 142,649 142.310 Total liabilises 248,028 258,578 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized 4,443,236 and 4,754,986 shares issued and outstanding, respectively Retained eamings 40.201 45.174 45,898 70,400 Accumulated other comprehensive incomel(loss) (584) (3,454) Total shareholders' equity 90,488 107,147 Total liabilises and shareholders equity 338.516 365,725 See accompanying Notes to Consolidated Financial Statements Apple Inc. | 2019 Form 10-K| 31 Microsoft 10-K June 30 2019.pdf (page 51 of 146) Search PART Item 8 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INCOME STATEMENTS (in millions, except per share amounts) Year Ended June 30, 2019 2018 2017 Revenue: Product 64,497 $ 45,863 66,069 59,774 63,811 32,760 Service and other 96,571 Total revenue 125,843 110,360 Cost of revenue: Product Service and other 16,273 26,637 15,420 22,933 15,175 19,086 Total cost of revenue 38,353 34,261 42,910 Gross margin Research and development Sales and marketing General and administrative Restructuring 82,933 16,876 18,213 4,885 0 72,007 14,726 17,469 4,754 0 62,310 13,037 15,461 4,48 306 Operating income Other income, net 42,959 729 35,058 1,416 29,025 876 Income before income taxes Provision for income taxes 43,688 4,448 36,474 19,903 29,901 4,412 16,571 $ Net income 39,240 25,489 Eamings per share: Basic Diluted $ 5.06 $ 2.15 $ 2.13 $ 5.11 3.29 3.25 Weighted average shares outstanding Basic Diluted 7,673 7,753 7,700 7,794 7,746 7,832 Refer to accompanying notes 51 Microsoft 10-K June 30 2019.pdf (page 52 of 146) a Bearch Item 8 COMPREHENSIVE INCOME STATEMENTS (In millions) Year Ended June 30, 2019 2018 2017 $ 25,489 Net income 39,240 16,571 Other comprehensive income (loss), net of tax: Net change related to derivatives Net change related to investments Translation adjustments and other (173) 2,405 (318) 39 (2,717) (178) (218) (1,116) 167 Other comprehensive income (loss) 1,914 (2,856) (1,167) Comprehensive income 13,715 24,322 41,154 Refer to accompanying notes. Refer to Note 18- Accumulated Other Comprehensive Income (Loss) for further information Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In milions) Years ended September 28, 2019 September 29, 2018 September 30, 2017 $ 48,351 Net income 55,256 59,531 $ Other comprehensive income/(loss) Change in foreign currency translation, net of tax (408) (525) 224 Change in unrealized gainslosses on derivative instruments, net of tax: Change in fair value of derivatives (661) 523 1,315 Adjustment for net (gains)Mosses realized and included in net income 23 382 (1,477) Total change in unrealized gains/losses on derivative instruments (638) 905 (162) Change in unrealized gainslosses on marketable securities, net of tax: Change in fair value of marketable securities Adjustment for net (gains)Mosses realized and included in net income 3,802 (3,407) (782) 25 (64) Total change in unrealized gains/losses on marketable securities 3,827 (3,406) (846) Total other comprehensive income/(loss) (3,026) (784) 2,781 Total comprehensive income $ $ 58,037 56,505 47,567 See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2019 Form 10-K| 30