Perform a horizontal analysis of the balance sheet of the Fortune 500 company, Apple. Then please summarize the balance sheet results of the horizontal analysis. Simply select some of the higher or lower %s to discuss. Focus on items you feel are more relevant and telling of the company operations. For example, you could write one paragraph on each section of the balance sheet i.e. assets, liabilities, equity.

Please use the following balance sheets.

Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 29, 2018 September 30, 2017 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 25,913 $ 40,388 23,186 3,956 25,809 12,087 131,339 20,289 53,892 17,874 4,855 17,799 13,936 128,645 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 170,799 41,304 22,283 234,386 365,725 194,714 33,783 18,177 246,674 375,319 $ $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ $ Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt 55.888 32,687 7,543 11,964 8,784 116,866 44.242 30,551 7,548 11,977 6,496 100,814 Total current liabilities Non-current liabilities: Deferred revenue Term debt Other non-current liabilities Total non-current liabilities Total liabilities 2,797 93,735 45,180 141,712 258,578 2,836 97,207 40,415 140,458 241,272 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,754,986 and 5,126,201 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity 40,201 70,400 (3,454) 107,147 365,725 35,867 98,330 (150) 134,047 375,319 S S See accompanying Notes to Consolidated Financial Statements. Apple Inc. I 2018 Form 10-K 140 Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 28, 2019 September 29, 2018 ASSETS: $ Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 48,844 $ 51,713 22,926 4,106 22,878 12,352 162,819 25,913 40,388 23,186 3,956 25,809 12,087 131,339 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 105,341 37,378 32,978 175,697 338,516 170,799 41,304 22,283 234,386 365,725 $ $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ $ Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities 46,236 37,720 5,522 5,980 10,260 105,718 55,888 33,327 5,966 11,964 8,784 115,929 Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities 91,807 50,503 142,310 248,028 93,735 48,914 142,649 258,578 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 12.600.000 shares authorized: 4,443,236 and 4,754,986 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity 45,174 45,898 (584) 90,488 338,516 40,201 70,400 (3,454) 107,147 365,725 $ See accompanying Notes to Consolidated Financial Statements. Apple Inc. I 2019 Form 10-K 131