Apple Inc., has the following abridged financial statement information for fiscal year 2019 and 2020 ($ in billions): Income Statement 2019 2020 Balance Sheet 2019 2020 Sales 259.97 274.15 Cash 28.12 19.98 Cost of Goods Sold 162.26 170.14 Marketable Securities 72.46 71 Gross Profit 97.71 104.01 Accounts Receivable 45.8 37.45 SG&A Exp. 34.46 38.67 Inventory 4.11 4.06 Interest Expense 3.58 2.87 Total Current Assets 162.82 143.71 Income Before Tax 65.74 67.09 Fixed Assets 37.38 45.34 Income Tax Expense 10.48 9.68 Total Assets 338.52 323.89 Net Income 55.26 57.41 Accounts Payable 46.24 42.3 Notes Payable 16.24 15.23 Total Current Liabilities 105.72 105.39 Long-Term Debt 91.81 107.05 Cash Flow Statement 2019 2020 Total Liabilities 248.03 258.55 Cash Flows from Operations 69.39 80.67 Retained Earnings 45.9 14.97 Cash Flows from Investing 45.9 -4.29 Common Equity 90.49 65.34 Cash Flows from Financing -90.98 -86.82 Total Equity 90.49 65.34 On 12/31/2020. Apple had 16,790,000,000 shares outstanding and stock price of $132.69. Apple issued dividends $0.84 por share. Assume all cost of goods sold items are purchased, Apple's days' purchase in accounts payable in 2020 is days. O a. 74.64 b. 89.53 OC. 67.82 O d. 96.71 On 12/31/2020, Apple had 16,790,000,000 shares outstanding and stock price of $132.69. Apple issued dividends $0.84 per share. Apple's current ratio in 2020 is a. 1.49 b. 1.36 c. 1.27 d. 1.58 Apple's return on net operating assets in 2020 is a. 0.73 O b. 0.92 c. 0.84 d. 0.61 Relative to a capital lease, an operating lease will result in a. higher reported liabilities o b. higher interest expenses early in the lease O c. higher profits reported in the early years of the lease O d. higher total assets ABC Corporation has the following financial numbers for fiscal year of 2020 ($ in billions). Net income $13.51 Dividends $6.12 Total assets $252.5 Total liabilities $164.97 Number of shares outstanding Cost of equity 2.81 billion 10% Using the dividend discount model assuming dividends grow at 9% in 2021 and at 6% thereafter, what is the value per share of ABC at 12/31/20? a. $59.35 b. $63.04 c. $37.69 d. $46.21 ABC Corporation has the following financial numbers for fiscal year of 2020 ($ in billions). Net income Dividends Total assets Total liabilities $13.51 $6.12 $252.5 $164.97 Number of shares outstanding Cost of equity 2.81 billion 10% Net income is expected to increase by 9% for the next year, and dividend payout ratio is expected to remain constant. After 2021, residual earnings are expected to decrease to zero. Using the earnings-based valuation method, what is the value per share of ABC stock as of 12/31/20? a. $27.19 b. $41.37 c. $19.46 d. $33.08 Apple Inc., has the following abridged financial statement information for fiscal year 2019 and 2020 ($ in billions): Income Statement 2019 2020 Balance Sheet 2019 2020 Sales 259.97 274.15 Cash 28.12 19.98 Cost of Goods Sold 162.26 170.14 Marketable Securities 72.46 71 Gross Profit 97.71 104.01 Accounts Receivable 45.8 37.45 SG&A Exp. 34.46 38.67 Inventory 4.11 4.06 Interest Expense 3.58 2.87 Total Current Assets 162.82 143.71 Income Before Tax 65.74 67.09 Fixed Assets 37.38 45.34 Income Tax Expense 10.48 9.68 Total Assets 338.52 323.89 Net Income 55.26 57.41 Accounts Payable 46.24 42.3 Notes Payable 16.24 15.23 Total Current Liabilities 105.72 105.39 Long-Term Debt 91.81 107.05 Cash Flow Statement 2019 2020 Total Liabilities 248.03 258.55 Cash Flows from Operations 69.39 80.67 Retained Earnings 45.9 14.97 Cash Flows from Investing 45.9 -4.29 Common Equity 90.49 65.34 Cash Flows from Financing -90.98 -86.82 Total Equity 90.49 65.34 On 12/31/2020. Apple had 16,790,000,000 shares outstanding and stock price of $132.69. Apple issued dividends $0.84 por share. Assume all cost of goods sold items are purchased, Apple's days' purchase in accounts payable in 2020 is days. O a. 74.64 b. 89.53 OC. 67.82 O d. 96.71 On 12/31/2020, Apple had 16,790,000,000 shares outstanding and stock price of $132.69. Apple issued dividends $0.84 per share. Apple's current ratio in 2020 is a. 1.49 b. 1.36 c. 1.27 d. 1.58 Apple's return on net operating assets in 2020 is a. 0.73 O b. 0.92 c. 0.84 d. 0.61 Relative to a capital lease, an operating lease will result in a. higher reported liabilities o b. higher interest expenses early in the lease O c. higher profits reported in the early years of the lease O d. higher total assets ABC Corporation has the following financial numbers for fiscal year of 2020 ($ in billions). Net income $13.51 Dividends $6.12 Total assets $252.5 Total liabilities $164.97 Number of shares outstanding Cost of equity 2.81 billion 10% Using the dividend discount model assuming dividends grow at 9% in 2021 and at 6% thereafter, what is the value per share of ABC at 12/31/20? a. $59.35 b. $63.04 c. $37.69 d. $46.21 ABC Corporation has the following financial numbers for fiscal year of 2020 ($ in billions). Net income Dividends Total assets Total liabilities $13.51 $6.12 $252.5 $164.97 Number of shares outstanding Cost of equity 2.81 billion 10% Net income is expected to increase by 9% for the next year, and dividend payout ratio is expected to remain constant. After 2021, residual earnings are expected to decrease to zero. Using the earnings-based valuation method, what is the value per share of ABC stock as of 12/31/20? a. $27.19 b. $41.37 c. $19.46 d. $33.08