[The following information applies to the questions displayed below.) Orange 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 Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). ASSETS Current assets: Cash ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) Short-term investments Accounts receivable Inventories Total current assets. $13,994 11,353 17,644 2,130 Other current assets 24,096 69,217 Long-term investments 131,466 Property, plant, and equipment, net 20,831 Other noncurrent assets 12,650 Total assets $234,164 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,501 Accrued expenses 18,641 Unearned revenue 8,581 Short-term debt 6,372 Total current liabilities 64,095 Long-term debt 29,284 Other noncurrent liabilities 28,139 Total liabilities Stockholders' equity: 121,518 Common stock (s0.00001 par value) Additional paid-in capital 1 Retained earnings 24,912 87,733 Other noncurrent assets 12,650 Total assets $234,164 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,501 Accrued expenses 18,641 Unearned revenue 8,581 Short-term debt Total current liabilities 6,372 64,095 29,284 28,139 121,518 1 24,912 87,733 112,646 $234,164 Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock (s0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,293 from banks due in two years. b. Purchased additional investments for $23,600 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,600 in cash and signed a short-term note for $1,438. d. Issued additional shares of common stock for $1,498 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,035 for $19,035 cash. 1. Declared $11,154 in dividends to be paid at the beginning of the next fiscal year. Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 24,912 87,733 112,646 $234,164 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,293 from banks due in two years. b. Purchased additional investments for $23,600 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,600 in cash and signed a short-term note for $1,438. d. Issued additional shares of common stock for $1,498 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,035 for $19,035 cash. 1. Declared $11,154 in dividends to be paid at the beginning of the next fiscal year. Required: 5. Compute Orange's current ratio on September 26, 2020. Note: Round your answer to 2 decimal places. Answer is complete but not entirely correct. Current ratio 16.44