1. The September 25, 2021 market share price of Apple Inc. was approximately $146 per share. Use this market share price to determine the market capitalization of Apple at September 25, 2021, using 16,426,786,000 as the number of shares outstanding. [Note: the number of shares is included in the balance sheet description of Common stock at the 2021 fiscal year-end.]

1. Compare the market capitalization at September 25, 2021 to the value of shareholders equity on the consolidated balance sheet at the same date. Which is larger? By how much?
2. The companys share price at the end of fiscal 2020 was approximately $112 per share. What was the increase in the companys share price in fiscal 2021? How does this compare to the earnings per share in fiscal 2021? Which is larger? By how much?

Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 25, 2021 September 26, 2020 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 34,940 $ 27,699 26,278 6,580 25,228 14,111 134,836 38,016 52,927 16,120 4,061 21,325 11,264 143,713 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 127,877 39,440 48,849 216,166 351,002 $ 100,887 36,766 42,522 180,175 323,888 $ LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities 54,763 $ 47,493 7,612 6,000 9,613 125,481 42,296 42,684 6,643 4,996 8,773 105,392 Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities 109,106 53,325 162,431 287,912 98,667 54,490 153, 157 258,549 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,426,786 and 16,976,763 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity 57,365 5,562 163 63,090 351,002 $ 50,779 14,966 (406) 65,339 323,888 $