2 Chapter 3 (Working with Financial Statements); Chapter 4 (Long-Term Financial Planning) 3 38 For questions #7-20, refer to the following financial information for Apple Inc. (all numbers are in \$millions): \begin{tabular}{r|c} 39 & \\ 40 & BALANCE SHEET: \end{tabular} Chapter 3 (Working with Financial Statements); Chapter 4 (Long-Term Financial Planning) 73 YOU MUST SHOW ALL CALCULATIONS TO EARN CREDIT (insert rows where needed): 7. What was Apple's Current Ratio at the end of 2020 ? 8. What was Apple's Quick Ratio at the end of 2020? 9. What was Apple's Debt to Equity Ratio at the end of 2020? (AP is not part of Debt for purposes of this calculation) 10. What was Apple's Times Interest Earned Ratio in 2020? 11. Assuming that all Apple's sales in fiscal 2020 were on credit, how many days, on average, did it take Apple to sell its inventory in 2020 ? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 12. Assuming that all Apple's sales in fiscal 2020 were on credit, what was the company's Days Sales Outstanding in 2020? 87 (For balance sheet accounts, use the average of the beginning and end-of-year balances). 13. How much did Apple pay out in dividends during fiscal 2020 ? 14. What was Apple's dividend payout ratio during fiscal 2020 ? 15. What as Apple's Equity Multiplier for 2020? 16. What was Apple's Return on Equity for 2020 ? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 17. If Apple had an average of 4,337 million common shares outstanding during 2020 and its stock is currently worth $195 per share, what is its Price : Earnings (PE) ratio? 18. If the analysts who follow Apple project 2021 sales to increase by 7.4% over 2020 , its after-tax profit margin to remain the same, and anticipate a 60% dividend payout ratio, what are the projected retained earnings by the end of 2021? 19. Assuming that Apple's net working capital is expected to vary directly with sales, based on a projected 7.4% sales increase in 2021 , what is the projected accounts receivable balance at the end of 2021? 20. If the management of Apple projects that by the end of 2020 , it was operating at 62% of capacity, what is its full level capacity of sales