This is for Apple 10-k

Identify net operating assets (NOA) for 2021 and 2020.

(ii)

Determine RNOA for 2021. Assume that all investments in securities that have been

marked to market are non-operating.

(iii)

Reconcile RNOA and ROCE (2021), and provide some narrative, supported by

financial ratios, explaining why RNOA differs from ROCE.

(iv)

Comments on the RNOA.

(v)

Can you see any reasons why Apple ought to maintain a significant portfolio of

investments in fixed income securities? If not, whats your recommendation?