Case 3-26 (Static) Analysis of liquidity and profitability measures of Apple Incorporated LO 3-3, 3-4, 3-6, 3-7 The following summarized data (amounts in millions) are taken from the September 26, 2020, and September 28, 2019, comparative financial statements of Apple Incorporated, a company that designs, manufactures, and markets mobile communication and media devices and personal computers; sells a variety of related software, services, accessories, networking solutions, and offers third-party digital content and applications: (Amounts Expressed in Millions) For the Fiscal Years Ended September 26 and September 28, respectively: Net sales Costs of sales Operating income Net income At Year-End: Assets Current assets: Cash and cash equivalents Short-term marketable securities. Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets Noncurrent assets: Long-term marketable securities Property, plant, and equipment, net Other noncurrent assets Total noncurrent assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Current portion of term debt Total current liabilities 2020 $ 274,515 169,559 66,288 $ 57,411 2019 $ 260,174 161,782 63,930 $ 55,256 $ 38,016 52,927 16,120 $ 48,844 51,713 22,926 4,061 4,106 21,325 22,878 11,264 12,352 143,713 162,819 100,887 105,341 36,766 42,522 37,378 32,978 $ 180,175 $ 323,888 $ 175,697 $ 338,516 $ 46,236 37,720 5,522 5,980 $ 42,296 42,684 6,643 4,996 8,773 10,260 105,392 105,718