a) Using the consolidated balance sheet (statement of financial position) calculate the Debt-to-Equity ratio at the end of fiscal 2021. Has the ratio changed from the end of fiscal 2020? [Use the formula on page 10-25 of the text. Assume all liabilities are interest-bearing debt.]

b) Calculate the Interest Coverage ratio for fiscal 2021. Has the ratio changed from fiscal 2020? [Use the formula on page 10-27 of the text]. Assume the following (all amounts are in millions of dollars):

Interest expense Depreciation and amortization expense Fiscal 2021 $2,645 $11,284 Fiscal 2020 $2,873 $11,056 Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 25, 2021 September 26, 2020 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 34,940 $ 27,699 26,278 6,580 25,228 14,111 134,836 38,016 52,927 16,120 4,061 21,325 11,264 143,713 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 127,877 39,440 48,849 216,166 351,002 $ 100,887 36,766 42,522 180,175 323,888 $ LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities 54,763 $ 47,493 7,612 6,000 9,613 125,481 42,296 42,684 6,643 4,996 8,773 105,392 Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities 109,106 53,325 162,431 287,912 98,667 54,490 153, 157 258,549 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,426,786 and 16,976,763 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity 57,365 5,562 163 63,090 351,002 $ 50,779 14,966 (406) 65,339 323,888 $