16.

The following summarized data (amounts in millions) are taken from the September 24, 2011, and September 25, 2010,comparative financial statements of Apple Inc., a manufacturer of personal computers, portable digital music players, and mobile communications devices, along with a variety of related software, services, peripherals, and networking solutions.

(Amounts Expressed in Millions) For the Fiscal Years Ended September 24 and September 25, respectively:	2011	2010
Net sales	$	108,430	$	65,400
Costs of sales		64,610		39,7201
Operating income		33,980		18,560
Net income	$	26,080	$	14,190
At Year End:
Assets
Current assets:
Cash and cash equivalents	$	9,410	$	10,550
Short-term marketable securities		16,310		14,540
Accounts receivable, net		5,550		5,700
Inventories		960		1,230
Deferred tax assets		2,200		1,810
Vendor nontrade receivables		6,530		4,590
Other current assets		4,710		3,620
Total current assets		45,670		42,040
Long-term marketable securities		55,800		25,570
Property, plant, and equipment, net		7,960		4,940
Goodwill		1,090		920
Acquired intangible assets, net		3,720		520
Other assets		3,740		2,440
Total assets	$	117,980	$	76,430
Liabilities and Shareholders Equity
Current liabilities:
Accounts payable	$	14,810	$	12,190
Accrued expenses		9,430		5,900
Deferred revenue		4,280		3,160
Total current liabilities		28,520		21,250
Deferred revenuenoncurrent		1,870		1,320
Other noncurrent liabilities		10,290		5,710
Total liabilities		40,680		28,280
Shareholders equity:
Common stock, no par value, 1,800,000 shares
authorized; 929,460 and 916,160 shares issued
and outstanding, respectively		13,520		10,840
Retained earnings		63,150		37,350
Accumulated other comprehensive income (loss)		630		40
Total shareholders equity		77,300		48,150
Total liabilities and shareholders equity	$	117,980	$	76,430

At September 26, 2009, total assets were $47,880 and total shareholders equity was $31,830.

Required:

a.

Calculate Apple Inc.s working capital, current ratio, and acid-test ratio at September 24, 2011, and September 25, 2010. (Round your ratio answers to 1 decimal place. (e.g., 32.1). Enter working capital in million of dollars.)

	2011	2010
Working Capital
Current Ratio
Acid-Test Ratio