For questions #7-20, refer to the following financial information for Apple Inc. (all numbers are in $millions):
			2022	2023
BALANCE SHEET:
Assets:
Cash		$66,301	$71,250
Accounts Receivable	45,995	47,063
Inventory		3,986	4,220
Other Current Assets	12,057	13,191
Fixed Assets, net	41,304	52,025
Investments		233,082	240,161
Total Assets		$402,725	$427,910
Liabilities and Equity:
Accounts Payable	$55,888	$60,262
Other Current Liabilities	51,416	53,942
Long-term Debt		106,519	100,686
Other Noncurrent Liabilities	48,209	50,377
Common Stock		30,293	30,293
Retained Earnings	110,400	132,350
Total Liabilities and Equity	$402,725	$427,910
				FY2023
INCOME STATEMENT:
Revenue			$299,660
Cost of Goods Sold			175,432
General and Administrative		16,243
Depreciation Expense			15,004
Earnings Before Interest and Taxes		92,981
Interest Expense			3,605
Pretax Net Income			89,376
Income Taxes			20,915
Net Income			$68,461
YOU MUST USE EXCEL'S FUNCTIONALITY TO PERFORM ALL CALCULATIONS TO EARN CREDIT (insert rows as needed)
DO NOT MERELY TYPE IN NUMBERS OR IMPORT TEXT FROM OTHER SOURCES:
7. What was Apple's Current Ratio at the end of 2023?
8. What was Apples Quick Ratio at the end of 2023?
9. What was Apples Debt to Equity Ratio at the end of 2023? (AP is not part of Debt for purposes of this calculation)
10. What was Apple's Times Interest Earned Ratio in 2023?
11. Assuming that all Apples sales in fiscal 2023 were on credit, how many days, on average, did it take Apple to sell its inventory in 2023?
(For balance sheet accounts, use the average of the beginning and end-of-year balances).
12. Assuming that all Apples sales in fiscal 2023 were on credit, what was the companys Days Sales Outstanding in 2023?
(For balance sheet accounts, use the average of the beginning and end-of-year balances).
13. How much did Apple pay out in dividends during fiscal 2023?
14. What was Apple's dividend payout ratio during fiscal 2023?
15. What as Apple's Equity Multiplier for 2023?
16. What was Apples Return on Equity for 2023 ?
(For balance sheet accounts, use the average of the beginning and end-of-year balances).
17. If Apple had an average of 4,037 million common shares outstanding during 2023 and its stock is currently worth $175 per share,
what is its Price : Earnings (PE) ratio?
18. If the analysts who follow Apple project 2024 sales to increase by 7.4% over 2023, its after-tax profit margin to remain the same,
and anticipate a 60% dividend payout ratio, what are the projected retained earnings by the end of 2024?
19. Assuming that Apples net working capital is expected to vary directly with sales, based on a projected 7.8% sales increase in 2024,
what is the projected accounts receivable balance at the end of 2024?
20. If the management of Apple projects that by the end of 2023, it was operating at 54% of capacity, what is its full level capacity of sales?