Integrative Exercise Integrating Accounting for abilities and Equity Obtain Apple's 2016 10K (filed October 26, 2016) either through the "Investor Relations portion of its website (ds a web search for "Apple Investor Relations") or go to www.sec.gov and click "Company Filings Search under "Filings." Required: Using Aople's 10-K, answer the following questions (Hint: it may be easier to use the Word or PDF nie and use the search feature within the program): 1. Calculate Apple's current, quick, and cash ratios for 2015 and 2016. The industry averages for these ratios for 2016 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places 2016 2015 Current Ratio Quick Ratio Cash Ratio 0.85 0.52 Comment on Apple's short term liquidity For 2016, Apple exceeds the industry average for the cash but is below the industry average for the current and quick ratio. However, because there is the concern about Apple's ability to sell its inventaries, the current ratio provides relatively high confidence that ople will be able to meet its short-term obligations 2. Calculate Apple's debt to equity, long-term debt to equity, and times interest earned (accrual basis) for 2015 and 2016. The industry averages for these ratios for 2016 were 52429, 36.41% and 13.83. respectively. You will need to read the 'Other Income and Expense" section of the Management, Discussion & Analysis section to find the amount of interest expense. Found your answers to two decimal places 2015 2015 Det to Long-Term Debt to Equity 9 Times interest and calls) Comment on Apple's mix of debt and equity and long-term solvency. Apple is well above the industry averages for all three ration. There is little risk of long-term solvency issues 3. Calculate Apple's return on guity for 2015 and 2016 (stockholders' equity for 2014 was $111,547,000,000). The industry average for 2016 wes 15.264. Round your answers to two decimal places 2015 2016 2016 2015 Debt to Equity % 45 Long Term Debt to Equity % Times Interest Lared (Accrual Basis) Comment on Apple's mix of debt and equity and long-term solvency. Apple is well above the industry averages for all three ratios. There is little risk of long-term solvency issues 3. Calculate Apple's return on equity for 2015 and 2016 (stockholders' equity for 2014 was $111,547,000,000). The industry average for 2016 was 15.26%. Round your answers to two decimal places 2015 2016 Comment on Apple's profitability Apple is above the industry average for return on equity. It is doing well 4. Calculate Apple's Dividend Payout, Stock Repurchase Payout and Total Payout for 2015 and 2016 Round your answers to two decimal places 2016 2015 Dividend Payout Stock Repurchase Payout Total Payout What are Apple's objectives with their dividend policy and stock repurchase plan (See the "Capital Return Program portion of Item 7: Management Discussion and Analysis)? Apple is attempting to return capital of between $200 and $250 billion to shareholders through a $175 billion share repurchase plan. The remaining $25 to $75 billion will come in the form of dividends Partially correct