Required Information [The following information applies to the questions displayed below.] Apple Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Apple's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). APPLE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue $ 48,844 51,713 22,926 4,106 35,230 162,819 105,341 37,378 32,978 $ 338,516 $ 46,236 43,700 5,522 Short-term debt Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 10,260 105,718 91,807 50,503 248,028 1 45,173 45,314 90,488 $ 338,516 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,266 from banks due in two years. b. Purchased additional investments for $21,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,571 in cash and signed a short-term note for $1,410. d. Issued additional shares of common stock for $1,469 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $18,810 for $18,810 cash. f. Declared $11,126 in dividends to be paid at the beginning of the next fiscal year. Required: 5. Compute Apple's current ratio on September 26, 2020. Note: Round your answer to 2 decimal places. Current ratio