4. Calculate the market-to-book ratio (market value of equity/book value of equity). To do this, (i) check todays market price of Apple to get the price and (ii) get the most recent fiscal year ends value of shareholders equity from the balance sheet; (iii) obtain a measure of the number of shares outstanding so that market values and book values are on the same basis. (For the Year ended September 2020)

5. Identify one example of an economic asset or liability of Apples that is missing from Apples balance sheet or is carried on Apples balance at a value that differs significantly from its true economic value. Briefly explain the impact on the market-to-book ratio from your example asset or liability not being reported at its economic value on the balance sheet. (For the Year ended September 2020)