AAPL (2012)GOOG (2012)GOOG (2011)

(Income statement and balance sheet numbers are in millions)

Sales$170,910$50,175$37,905

Net Income37,03710,7379,737

Cash14,25948,08845,626

Accounts Receivable24,0949,7296,387

Total Assets 207,00093,79872,574

Accounts Payable 36,22310,8937,148

Total Liabilities 83,45122,08314,429

Shares Outstanding900 million334 million334 million

Stock Price$546$1,124$646

17a. Compute the 2012 Market Value to Book Value ratios for Apple and Google.On which company does the market look more favorably?

17b. How do Accounts receivable and accounts payable affect the 2012 Statement of Cash Flows for Google (give amount and state source or use)?

17c. Compute the 2012 DuPont Identity for Apple and Google (show each ratio).Which firm is more operationally efficient, which uses their assets more effectively, and which firm has the most leverage?Support your answers with the DuPont Identity ratios you computed.