Assume required cash on hand is two times the current year SG&A expense in each of the projected years. What is your expected total cash on balance sheet in 2013? It is NOT A.

A. None of the above

B. $101.2 bln

C. $20.1 bln

D. $66.4 bln

Don't know if this will be important, but Overseas cash for Apple is 69% of their total cash in 2012, with a tax consequence of 35%. Please respond as soon as you can. I've done everything the teacher has said right (as far as I'm concerned), but this question in particular has me trapped.

Annual growth rate of sales: 10% Interest Rate: 5.6% Accounts receivable as % of sales: Inventory as % cost of goods: Cost of goods as % of sales: R&D as % of sales Sell, gen'l, admin as% of sales: Effective Tax Rate Net PPEN as % of COG 2012 Actual 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2012* 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2013 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2014 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2015 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2016 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2017 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% Income Statement Net sales Cost of goods Research & development Sell, gen'l, admin EBIT Interest expense Profit before tax Tax at Effective Rate of 23% Net income $156,508 $87,846 $3,381 $10,040 $55,241 $1,088 $54,153 $12,420 $41,733 $156,508 $87,846 $3,381 $10,040 $55,241 $1,088 $54,153 $12,420 $41,733 $172,159 $96,631 $3,719 $11,044 $60,765 $1,198 $59,567 $13,662 $45,906 $189,375 $106,294 $4,091 $12,148 $66,842 $1,317 $65,524 $15,028 $50,496 $208,312 $116,923 $4,500 $13,363 $73,526 $1,449 $72,077 $16,531 $55,546 $229,143 $128,615 $4,950 $14,700 $80,878 $1,594 $79,284 $18,184 $61,100 $252,058 $141,477 $5,445 $16,170 $88,966 $1,754 $87,213 $20,002 $67,210 2012 Actual $121,251 2012* $20,080 $20,080 2014 $97,115 $24,297 $72,818 $22,617 $0 Balance Sheet Total Cash Required Cash Excess Cash (plug) Accounts receivable Inventories Other Current Assets (10.3% of COGS) Net PPEN Other (12.3% of COGS) Total assets $121,251 $18,692 $791 $9,041 $15,452 $10.837 $176,064 2013 $46,277 $22,088 $24,189 $20,561 $870 $9,953 $16,997 $11.886 $106,544 $18,692 $791 $9,048 $15,452 $10.805 $74,868 2015 $153,036 $26,726 $126,309 $24,879 $1,053 $12,043 $20,567 $14.382 $225,959 2016 $214,549 $29,399 $185,150 $27,367 $1,158 $13,247 $22,623 $15,820 $294,765 $957 2017 $282,214 $32,339 $249,875 $30,104 $1,274 $14,572 $24,886 $17.402 $370,451 $10,948 $18,697 $13.074 $163,408 Liabilities and Net Worth Accounts payable (24.1% of COGS) Accrued expenses (7.7% of COGS) Other current liabilities (12.1% of COGS) Other non-current liabilities (22% of COGS) Total liabilities $21,175 $6,749 $10,618 $19,312 $57,854 $118,210 $176,064 $21,171 $6,764 $10,629 $21,259 $59,823 $3,041 $56,782 $23,288 $7,441 $11,692 $21,259 $63,680 $42,865 $106,544 $25,617 $8,185 $12,862 $23,385 $70,048 $93,361 $163,408 $28,178 $9,003 $14,148 $25,723 $77,052 $148,907 $225,959 $30,996 $9,903 $15,562 $28,295 $84,758 $210,007 $294,765 $34,096 $10,894 $17,119 $31,125 $93,233 $277,217 $370,451 Equity Total Annual growth rate of sales: 10% Interest Rate: 5.6% Accounts receivable as % of sales: Inventory as % cost of goods: Cost of goods as % of sales: R&D as % of sales Sell, gen'l, admin as% of sales: Effective Tax Rate Net PPEN as % of COG 2012 Actual 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2012* 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2013 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2014 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2015 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2016 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% 2017 11.9% 0.9% 56.1% 2.2% 6.4% 22.9% 17.6% Income Statement Net sales Cost of goods Research & development Sell, gen'l, admin EBIT Interest expense Profit before tax Tax at Effective Rate of 23% Net income $156,508 $87,846 $3,381 $10,040 $55,241 $1,088 $54,153 $12,420 $41,733 $156,508 $87,846 $3,381 $10,040 $55,241 $1,088 $54,153 $12,420 $41,733 $172,159 $96,631 $3,719 $11,044 $60,765 $1,198 $59,567 $13,662 $45,906 $189,375 $106,294 $4,091 $12,148 $66,842 $1,317 $65,524 $15,028 $50,496 $208,312 $116,923 $4,500 $13,363 $73,526 $1,449 $72,077 $16,531 $55,546 $229,143 $128,615 $4,950 $14,700 $80,878 $1,594 $79,284 $18,184 $61,100 $252,058 $141,477 $5,445 $16,170 $88,966 $1,754 $87,213 $20,002 $67,210 2012 Actual $121,251 2012* $20,080 $20,080 2014 $97,115 $24,297 $72,818 $22,617 $0 Balance Sheet Total Cash Required Cash Excess Cash (plug) Accounts receivable Inventories Other Current Assets (10.3% of COGS) Net PPEN Other (12.3% of COGS) Total assets $121,251 $18,692 $791 $9,041 $15,452 $10.837 $176,064 2013 $46,277 $22,088 $24,189 $20,561 $870 $9,953 $16,997 $11.886 $106,544 $18,692 $791 $9,048 $15,452 $10.805 $74,868 2015 $153,036 $26,726 $126,309 $24,879 $1,053 $12,043 $20,567 $14.382 $225,959 2016 $214,549 $29,399 $185,150 $27,367 $1,158 $13,247 $22,623 $15,820 $294,765 $957 2017 $282,214 $32,339 $249,875 $30,104 $1,274 $14,572 $24,886 $17.402 $370,451 $10,948 $18,697 $13.074 $163,408 Liabilities and Net Worth Accounts payable (24.1% of COGS) Accrued expenses (7.7% of COGS) Other current liabilities (12.1% of COGS) Other non-current liabilities (22% of COGS) Total liabilities $21,175 $6,749 $10,618 $19,312 $57,854 $118,210 $176,064 $21,171 $6,764 $10,629 $21,259 $59,823 $3,041 $56,782 $23,288 $7,441 $11,692 $21,259 $63,680 $42,865 $106,544 $25,617 $8,185 $12,862 $23,385 $70,048 $93,361 $163,408 $28,178 $9,003 $14,148 $25,723 $77,052 $148,907 $225,959 $30,996 $9,903 $15,562 $28,295 $84,758 $210,007 $294,765 $34,096 $10,894 $17,119 $31,125 $93,233 $277,217 $370,451 Equity Total