Presented below is Apple's 3 Year Financial Results taken from their 2013 10K (annual report) which can be found on their website under SEC filings and annual reports: http://investor.apple.com/sec.cfm#filings All the figures below are presented in millions except for the per share data. So yes, Apple generated $170 billion dollars in net sales in 2013.

	2013	2012	2011
Net sales	$ 170,910	$ 156,508	$ 108,249
Net income	$ 37,037	$ 41,733	$ 25,922
Earnings per share:
Basic	$ 40.03	$ 44.64	$ 28.05
Diluted	$ 39.75	$ 44.15	$ 27.68
Cash dividends declared per share	$ 11.40	$ 2.65	$0
Shares used in computing earnings
per share:
Basic	925,331	934,818	924,258
Diluted	931,662	945,355	936,645
Total cash, cash equivalents and
marketable securities	$ 146,761	$ 121,251	$ 81,570
Total assets	$ 207,000	$ 176,064	$ 116,371
Long-term debt	$ 16,960	$0	$0
Long-term obligations (a)	$ 20,208	$ 16,664	$ 10,100
Total liabilities	$ 83,451	$ 57,854	$ 39,756
Total shareholders' equity	$ 123,549	$ 118,210	$ 76,615

1. Compute the Debt Ratio and the Equity Ratio for all of the years. Explain the ratios. 2. Why would a company so cash rich like Apple ($146 billion dollars reported in cash and cash equivalents and marketable securities) take on more long-term debt in 2013?