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Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions) Years ended Total shareholders' equity, beginning balances Common stock and additional paid-in capital Beginning balances Common stock issued Common stock witheld related to net share settlement of equity awards Share-based compensation Tax benefit from equity awards, including transfer pricing adjustments Ending balances $107.147September28,2019 40.201 781 (2,002) 6.194 $134,047September29,2018 35,867 35,867 669 (1.778) 5,443 $September30,2017 31.251 555 555 (1,468) 4,909 Retained earnings See accompanying Notes to Consolidated Financial Statements. Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (th millions! Yean ebded Caih, cunh equivalests and revericted canl, begiming balnsees Oprating activities Nirt inroas 5September2x,20019 55256 5September29,2ans 50531 5Septermiber30,2017 4. 351 by operating activitics: Depocciation and anveriration Share-beod coispenvilioe expeate Other Changes in operating assess and liatelitics: Accounta reveivahle, nct Eucalories Vendur tous vade recivatles Ober currcal and not-curnent asets Accounts pyable Deferind revenive Other curreat and noo current liabilities Cash geacraldod by egerating activitacs (3) isst3 . 10.03 10.157 (32.960 506 (44) (14t) \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|l|}{ Investing activities } \\ \hline Pasthases of maketable shorities & & & & & (196,a66) \\ \hline & & +o.10 & & 59.584 & \\ \hline Procecds fine sales of marictable securinies & & Wuss & & 47,830 & 94564 \\ \hline & & (10495) & & (13:313) & (12.451) \\ \hline & & (6:4) & & (721) & (38) \\ \hline Rarthases of nos-makable socuritar: & & (1,001) & & (1,57) & (621) \\ \hline Pronocds fresi mon-mathrtahle secarities & & 1.634 & & 353 & 126 \\ \hline Other & & (tcots) & & (7+5) & (124) \\ \hline & & & & 1606 & (46, t46) \\ \hline \multicolumn{6}{|l|}{ Finascing activities } \\ \hline Procects freen issanece of ceenmen atock & & 71 & & tee & 565 \\ \hline & & & & (2525) & \\ \hline Payments doc dividesuls and dividend oquivalents & & (14.119) & & (13,712) & (127ed) \\ \hline Repurthases of ecammost alock. & & (towht) & & (72.738) & \\ \hline Prosecds froen issuace of term deth. ant & & 6.963 & & & 2sines \\ \hline Repryments of iermedsty & & (2.205) & & 16500 & 03500 \\ \hline Proveods froen (Repuyments of comusential puper. net & & 6.977 & & (37) & 1352 \\ \hline Other & & (105) & & = & - \\ \hline Cash wed in finuncing activities & & (90496) & & (5),576) & (17,974) \\ \hline Incirase (deciezes in cath, cesh equivalenes and resericted caih & & 24.11 & & & (198) \\ \hline Cach, cunh equivaleats and seatricted cant, endiag bulancen & s & =s0234 & & 24.913 & 20.280 \\ \hline \multicolumn{6}{|l|}{ Supplemental cast flow fisclooute: } \\ \hline Cash paid lor incoune taves, net & s & 15,263 & 5 & 10,447 & 11,591 \\ \hline Cash paid for interest & $ & 3,423 & 5 & In:2 & 2002 \\ \hline \end{tabular} A.2 Appesdir A Fnancial Sistement infornation Apple tinc. CONSOLIDATED STATEMENTS OF OPERATIONS Yearsended Septrmber 2X, 2019 Squarmber 28, 2018 September 36, 2017 Nea siles \begin{tabular}{|c|c|c|c|c|} \hline Buduct: & 213,883 & & s & 196.534 \\ \hline Service & 4h.201 & & & 3270 \\ \hline Toul net sales & 760.174 & & & 229.234 \\ \hline \multicolumn{5}{|l|}{ Cast of sule: } \\ \hline Podicts & 144906 & 148.154 & & 126377 \\ \hline Sarvives & 16.706 & 15092 & & 14711 \\ \hline Theal cost of sales. & 161,782 & 10058 & & 14t,048 \\ \hline Ginoss margin & 98.702 & 10139 & & \\ \hline \multicolumn{5}{|l|}{ Opsrating expenses: } \\ \hline Research and develogment & 16,217 & 14236 & & 11581 \\ \hline Selling geocrul and adminiatrative & 1.245 & 1670d & & 15261 \\ \hline Tosal epprating expensest & 34.462 & 30941 & & 2642 \\ \hline Operating incoume & & & & .4 \\ \hline Other insome (expense), net & 1.80 & 2006 & & 2745 \\ \hline Incranc befoer prenision far iname tases & 65,737 & 72901 & & 54080 \\ \hline Prewivian for income taves & 10,481 & 13372 & & 15,738 \\ \hline Net incuase & 55,260 & 52531 & 5 & 45.351 \\ \hline \multicolumn{5}{|l|}{ Eanieges per share: } \\ \hline Buse & 1197 & 120t & 5 & 92 \\ \hline Diluned & 11.80 & 11.91 & $ & 9.21 \\ \hline \multicolumn{5}{|l|}{ Shares used in computine earniess per stare } \\ \hline Busi: & 4,617,844 & 4,05537 & & 5.217,242 \\ \hline Difined & 4.645913 & Stencion & & 3.251 .092 \\ \hline \end{tabular} Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIE INCONE (I) millions? Yeark ended Nel income Oeler conapehessive income (lass): Oange in foreign currency transbation, net of tax \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|c|}{ September 24. 2018} & Septrenture 2s, Jels & Siptember 3e, 2017 \\ \hline 5 & 55256 & 5251 & 45,351 \\ \hline & (2005) & (525) & 224 \\ \hline & (\$) & 523 & 1315 \\ \hline & 23 & 162 & (1.,477) \\ \hline & & 903 & \\ \hline \end{tabular} Oanpe in fair value of marketable securitie Tosal conpectensive iscome Refer to Apple's financial statements in Appendix A to answer the following. Required: 1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready for resale. Compute the net cost of goods purchased for the year ended September 28, 2019. 2. Compute the current ratio and acid-test ratio as of September 28, 2019, and September 29, 2018. 3. Does Apple's 2019 current ratio outperform or underperform the (assumed) industry average of 1.5 ? 4. Does Apple's 2019 acid-test ratio outperform or underperform the (assumed) industry average of 1.0 ? Complete this question by entering your answers in the tabs below. Compute the current ratio and acid-test ratio as of September 28, 2019, and September 29, 2018. Note: Enter your answers in millions of dollars. 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 \begin{tabular}{|c|c|c|c|c|} \hline \multirow{2}{*}{\multicolumn{5}{|c|}{ Current assets }} \\ \hline & & & & \\ \hline Cash and cash equivalents & $ & 48,844 & s & 25,913 \\ \hline Marketable securities & & 51,713 & & 40,358 \\ \hline Accounts receivable, net & & 22.926 & & 23,186 \\ \hline Inventories & & 4,106 & & 3.986 \\ \hline Vendor non-trade receivables & & 22,878 & & 25,809 \\ \hline Other current assets & & 12,352 & & 12.087 \\ \hline Total current assets & & 162.819 & & 131339 \\ \hline \multicolumn{5}{|l|}{ Non-current assets } \\ \hline Marketable securities & & 105,341 & & 170,799 \\ \hline Property, plant and equipment, net & & 37.378 & & 41,304 \\ \hline Other non-current assets & & 32.978 & & 22.283 \\ \hline Total non-current assets & & 175.697 & & 234386 \\ \hline Total assets & 5 & 338.516 & 5 & 365,725 \\ \hline \end{tabular} LIABILITIES AND SHAREHOL.DERS' EQUTYY Current liabilities \begin{tabular}{|c|c|c|c|c|} \hline Accounts payable & $ & 46,236 & 5 & 55,858 \\ \hline Other current liabilities & & 37,720 & & 33,327 \\ \hline Deferred revenue & & 5,522 & & 5.966 \\ \hline Commercial paper & & 5.980 & & 11.964 \\ \hline Term debs & & 10,260 & & 8,784 \\ \hline Total current liabilities & & 105,718 & & 115.929 \\ \hline \multicolumn{5}{|l|}{ Non-current liabilities } \\ \hline Other non-current liabilities & & 50,503 & & 48,914 \\ \hline Total non-current liabilities & & 142,310 & & 142.649 \\ \hline Total liabilities & & 248,028 & & 258,578 \\ \hline \multicolumn{5}{|l|}{ Commitments and contingencies } \\ \hline \multicolumn{5}{|l|}{ Shareholders' equity } \\ \hline Total shareholders' equity & & 90,488 & & 107.147 \\ \hline Total liabilities and shareholders' equity & $ & 338,516 & s & 365,725 \\ \hline \end{tabular} See accompanying Notes to Consolidated Financial Statemeats