Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help, THANK YOU! Below are Apple's Financial Statements in 2020. Use them to answer the following questions: 12 Months Ended Sep. 26, 2020 Sep.
Please help, THANK YOU!
Below are Apple's Financial Statements in 2020. Use them to answer the following questions: 12 Months Ended Sep. 26, 2020 Sep. 28, 2019 Sep. 29, 2018 $274,515 169.559 $260,174 161.782 $265,595 163.756 INCOME STATEMENT shares in Thousands, $ in Millions Net sales Cost of goods sold Operating expenses: Research and development Selling, general and administrative Total operating expenses Operating income Other income/expense), net Income before provision for income taxes 18,752 16,217 14.236 19,916 18,245 16,705 38,668 66,288 34.462 63.930 1,807 30.941 70,898 2.005 803 67,091 65.737 72,903 Provision for income taxes Net income 9,680 $57,411 10,481 $55,256 13,372 $59,531 BALANCE SHEETS - USD ($) Sep. 26, 2020 Sep. 28, 2019 $ in Millions Current assets Cash $245,616 $251.228 Accounts Receivable 37.445 45.804 4,061 4.106 Inventory Total Current Assets $287 122 $301,138 Property, plant, and equipment, net 36.766 37.378 Total Assets 323,888 338,516 Current Liabilities 84.980 83.956 6,643 5,522 Accounts Payable Deferred Revenue Notes Payable Non-current Liabilities Long-term Notes Payable 13,769 16,240 153,152 142.310 Total Liabilities 258.549 248,028 Shareholders' Equity Contributed Capital 50.779 45.174 14,560 45,314 Retained Earnings Total shareholders' equity 65.339 90.488 Total liabilities and shareholders' equity 323,888 338,516 1. What is Apple's inventory turnover ratio for 2020? Round to one decimal point. 2. What is Apple's accounts receivable ratio for 2020? Round to one decimal point. 3. How many days does it take for Apple's to collect its accounts receivable in 2020? Round to the nearest day. 4. What is Apple's gross profit ($) for 2020? Use the following number format: 123456, no dollar signs, no commasStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started