Apple Inc., headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets,

wearables, and accessories, and sells a variety of related services. The following is Apple's $($simplified$)$ balance sheet from a recent year

$($fiscal year ending on the last Saturday of September$).$

Assume that the following transactions $($in millions$)$ occurred during the next fiscal year $($ending on September $26,2020)$:

a$.$ Borrowed $$18,266$ from banks due in two years.

b$.$ Purchased additional investments for $$21,000$ cash; one$-$fifth were long term and the rest were short term.

c$.$ Purchased property, plant, and equipment; paid $$9,571$ in cash and signed a short$-$term note for $$1,410.$

d$.$ Issued additional shares of common stock for $$1,469$ in cash; total par value was $$1$ and the rest was in excess of par value.

e$.$ Sold short$-$term investments costing $$18,810$ for $$18,810$ cash.

f$.$ Declared $$11,126$ in dividends to be paid at the beginning of the next fiscal year.

Required:

$1.$Prepare a journal entry for each transaction. Use the account titles in the Apple balance sheet and show answers in millions of dollars.

$2.$Create T$-$accounts for each balance sheet account and include the September $28,2019,$ balances; create a new account, Dividends

Payable, with a $$0$ beginning balance. Post each journal entry to the appropriate T$-$accounts.

$3.$Prepare a trial balance at September $26,2020.$

$4.$Prepare a classified balance sheet for Apple at September $26,2020$ based on these transactions. Include a good heading.

$5.$ Compute Apple's current ratio on September $26,2020.$ Round your answer to two decimal places. What does this suggest about the

company?