For questions #7-20, refer to the following financial summary information for Apple Inc. (all numbers are in millions): YOU MUST SHOW ALL CALCULATIONS TO EARN CREDIT 2017 2018 BALANCE SHEETS: Cash Accounts 74,181 66,301 48,995 4,855 Receivable 35,673 3,986 Inventory Other Current Assets 13,936 12,057 Fixed Assets, net 33.783 41,304 212.891 233. 082 Total Assets 375,319 405,725 Liabilities and Equity: Payable 44,242 55,888 Other Current Liabilities 50,226 55,416 Long-Term Debt Other Noncurrent 103,703 102,519 Liabilities 43,251 48,209 Common Stock 35,567 33,293 98.330 Total Liabilities and 375,319 Equity 405.725 INCOME STATEMENT: Revenue Cost of Goods Sold General and Administrative 265,595 163,756 14,793 76,143 Earnings Before Interest and Taxes Pretax Net Income Net Income 3.240 72,903 59,531 7. What was Apple's Current Ratio at the end of 2018? s. What was Apple's Quick Ratio at the end of 2018? 9. What was Apple's Debt to Equity Ratio at the end of 2018? (AP is not part of Debt for purposes of this calculation) o. What was Apple's Times Interest Earned Ratio in 2018? 11. Assuming that all Apple's sales in fiscal 2018 were on credit, how many days, on average, did it take Apple to sell its inventory in 2018? (For balance sheet accounts, use the average of the beginning and end-of-year balances) 12. Assuming that all Apple's sales in fiscal 2018 were on credit, what was the company's Days Sales Outstanding in 2018? (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 2018? 14. What was Apple's dividend payout ratio during fiscal 2018? is. What was Apple's Equity Multiplier for 2018? 16.What was Apple's Return on Equity for 2018 (For balance sheet accounts, use the average of the beginning and end of-year balances)? 17. If Apple had an average of 4,337 million common shares outstanding during 2018 and its stock is currently worth $175 per share, what is its Price: Earnings (PE) ratio? 18. If the analysts who follow Apple project 2019 sales to increase by 7.4% over 2018, 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 2019? 19. Assuming that Apple's net working capital is expected to vary directly with sales, based on a projected 7.4% sales increase in 2019, what is the projected accounts receivable balance at the end of 2019? 20. If the management of Apple projects that by the end of 2018, it was operating at 62% of capacity, what is its full level capacity of sales