FY21_Q3_Apple.pdf file provides Apple's third quarter (Q3) financial information in 2021 and 2020. Apple's Q3 refers to the period from (around) the end of March to (around) the end of June (In the pdf file, "Three Months Ended" refers to this period). Its fiscal year starts from around the end of September. Assume that the financial performance data regarding assets are based on average values. Also assume one quarter (or 3 months) consists of 90 days.

If necessary, use the following formulas:

Return on Assets = Net Income / Total Assets

Profit margin = Net Income / Net sales

1. Based on Q3 financial information (between the end of March and the end of June) of years 2020 and 2021, fill in all the blanks of Q2.xlsx file. (30 pts)

1. Compare Apple's ROAs, ROEs, and profit margins in 2020 and 2021. (10 pts)

1. Compare Apple's APTs, ARTs, INVTs, and C2C cycles (in days) in 2020 and 2021. (10 pts)

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts) Three Months Ended Nine Months Ended June 26 June 27, June 26, June 27, 2021 2020 2021 2020 Net sales: Products $ 63,948 $ 46,529 $ 232,309 $ 170,598 Services 17,486 13,156 50,148 39,219 Total net sales (1) 81,434 59,685 282,457 209,817 Cost of sa Products 40,899 32,693 149,476 116,089 Services 5,280 4,312 15,319 13,461 Total cost of sales 46,179 37,005 164,795 129,550 Gross margin 35,255 22,680 117,662 80,267 Operating expenses: Research and development 5,717 4,758 16,142 13,774 Selling, general and administrative 5,412 4,831 16,357 14,980 Total operating expenses 11,129 9,589 32,499 28,754 Operating income 24,126 13,091 85,163 51,513 Other income/(expense), net 243 46 796 577 Income before provision for income taxes 24,369 13,137 85,959 52,190 Provision for income taxes 2,625 1,884 11,830 7,452 Net income $ 21,744 $ 11,253 $ 74,129 $ 44,738 Earnings per share: Basic 1.31 $ 0.65 $ 4.42 $ 2.56 Diluted 1.30 0.65 4.38 $ 2.54 Shares used in computing earnings per share: Basic 16,629,371 17,250,291 16,772,656 17,450,284 Diluted 16,781,735 17,419,154 16,941,527 17,618,778 ( Net sales by reportable segment: Americas $ 35,870 $ 27,018 $ 116,486 $ 93,858 Europe 18,943 14,173 68,513 51,740 Greater China 14,762 9,329 53,803 32,362 Japan 6,464 4,966 22,491 16,395 Rest of Asia Pacific 5,395 4,199 21,164 15,462 Total net sales $ 81,434 $ 59,685 $ 282,457 $ 209,817 ( Net sales by category: Phone $ 39,570 $ 26,418 $ 153, 105 $ 111,337 Mac 8,235 7,079 26,012 19,590 Pad 7,368 6,582 23,610 16,927 Wearables, Home and Accessories 8,775 6,450 29,582 22,744 Services 17,486 13,156 50,148 39,219 Total net sales 81,434 $ 59,685 $ 282,457 $ 209,817Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value) June 26, September 26, 2021 2020 ASSETS: Current assets: Cash and cash equivalents $ 34,050 $ 38,016 Marketable securities 27,646 52,927 Accounts receivable, net 17,475 16,120 Inventories 5 , 178 4,061 Vendor non-trade receivables 16,433 21,325 Other current assets 13,641 11,264 Total current assets 114,423 143,713 Non-current assets: Marketable securities 131,948 100,887 Property, plant and equipment, net 38,615 36,766 Other non-current assets 44,854 42,522 Total non-current assets 215,417 180,175 Total assets $ 329,840 $ 323,888 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable $ 40,409 $ 42,296 Other current liabilities 43,625 42,684 Deferred revenue 7,681 6,643 Commercial paper 8,000 4,996 Term debt 3,039 3,773 Total current liabilities 107,754 105,392 Non-current liabilities: Term debt 105,752 98,667 Other non-current liabilities 52,054 54,490 Total non-current liabilities 157,806 153,157 Total liabilities 265,560 258,549 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,556,942 and 16,976,763 shares issued and outstanding, respectively 54,989 50,779 Retained earnings 9,233 14,966 Accumulated other comprehensive income/(loss) 58 406) Total shareholders' equity 64,280 65,339 Total liabilities and shareholders' equity $ 329,840 $ 323,888