Refer to the Apple financials in the last page of this exam. Based on those, what was Apple's free cash flow in 2020? Assume: that capital expenditures are only on PP&E and not in other asset categories. b. a tax rate of 20% no excess cash a. c. Apple Financial Statements PLEASE NOTE THE ORDER OF THE COLUMNS BELOW Income Statements [Al dollars in millions) Year 2018 2019 2017 2020 2016 2015 Total Revenue -Cost of Goods Sold Gross Margin -Research & Development -Selling, General and Administrative Depreciation Earnings Before interest and Taxes Interest Expense Earnings Before Taxes Income Tax Expense Net Income 274,515 169,559 104,956 18,752 17,516 2.400 66,288 2,873 63,415 9,580 53,735 260,174 161,782 98,392 16,217 15,745 2,500 63,930 3.576 60,354 10 481 49,873 265,595 229,234 215,639 233,715 163,756 141,048 131,376 140,089 101,839 88,186 84,263 93,626 14,236 11,581 10,045 8,067 14,005 8,771 9,498 10,059 2,700 2,200 2,000 1.700 70,898 65,634 62,720 73,800 3,240 1.545 1,348 1,285 67,658 64,089 61,372 72,515 8.127 15,738 15,685 19,121 59,531 48,351 45,687 53,394 Balance Sheets (All dollars in millions) Year End (Dec 31) 2018 2017 2020 2019 2016 2015 Current Assets Cash And Cash Equivalents Short Term investments Accounts Receivable Inventory Other Current Assets Total Current Assets 38 106 52,927 16,120 40,161 11,264 158.578 48,844 51,713 22.926 4,106 12,152 139,941 25,913 40,388 23,186 3.956 12.087 105.530 20,289 53,892 35,673 4855 13,936 128,645 20,484 86.671 29,299 2.132 8.253 106,869 21120 20,481 30,343 2.349 15 D95 89,378 Long term Assets Long Term investments Property Plant and Equipment Other Assets Total Assets 86,022 36,766 42.522 323,888 128,219 201.610 37,278 41.104 32.978 17:23 338,516 365,727 164,065 22.474 194,714 170,430 33,23 27.010 18.172 17272 375,319 321,686 230,345 Current Liabiti Accounts Payable Notes Payable & others Debt Other Current cabines Total Current abilities 42,296 13,700 46.236 10240 75,6.16 30,67 59,321 11,605 74793 18,473 25.4 100,814 0,621 10.999 S940 30,610 105,392 105, 718 116,866 79.000 Long term Liabilities Long Term Det Ove Lili DefeLoretum contes Total Wales 92.67 010 75.42 91102 100 1.735 450 -2.197 97,2017 L45 52329 13,427 30,00 214,069 247.444 241.272 192,417 170.00 4514 16.67 Sono Contoh het Total steder i Total and holder ty 2.31 1072 351 31. 22073 1221 114,047 121.24. 119.55 305 315 3.60 107147 365.25 at made more
