Required: 1. What is the amount of Apple's accounts receivable as of September 30, 2017? 2. Compute Apple's accounts receivable turnover as of September 30, 2017 3. How long does it take, on average, for the company to collect receivables for fiscal year ended September 30, 2017? 4. Apple's most liquid assets include (a) cash and cash equivalents, (b) short-term marketable securities, (c) accounts receivable, and (d) inventory. Compute the percentage that these liquid assets (in total) make up of current liabilities as of September 30, 2017, and as of September 24, 2016. 5. Did Apple's liquid assets as a percentage of current liabilities improve or worsen as of its fiscal 2017 year-end compared to its fiscal 2016 year-end? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Apple's most liquid assets include (a) cash and cash equivalents, (b) short-term marketable securities, (c) accounts receivable, and (d) inventory. Compute the percentage that these liquid assets (in total) make up of current liabilities as of September 30, 2017, and as of September 24, 2016. (Round your percentage answers to 1 decimal place.) Liquid assets as a percent of current liabilities ($ millions) September 30, 2017 September 24, 2016 | Prey 1 of 3 !! Next > Bookmarks People Tab Window Help Birthri * C M MHER X chap 1 X Analys x append X Solved x McGra x .com/Media/Connect_Production/bne/wild_lap_24e/appendix_A.pdf APPLE September 24, 2016 Apple Inc. CONSOLIDATED BALANCE SHEETS (in millions, except number of shares which are reflected in thousands and par value) September 14, 2017 ASKETS Current assets 20.29 Cash and shequivalents Short term marketable securities Accounts receivable less allowances of $58 and 33. respectively 17,874 Inventies Vendor non-trade receivables 17,799 Other current assets Total current Long term market le securities Property, plant and equipment, net otwill Acquired stable et net Other non-current assets Total assets 13,545 106 10 170.430 27.010 5.414 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable Accrued expenses Deferred revence Commercial paper Carrot portion of longe debe To liabilities Deferred reve n -current Long-term det Other ton current liabilities Tealalties Commitments and contingencies Shareholders' equity Ca sinsk and anal capital. O par value: 12. ure wuthorized: 5.126,201 5.336.166 shares issued and outding respectively Retained earnings Accumulated the competensive income ) Total shareholders' equity Totalities and shareholders equity See accompanying Notes to Ceaselsdated Financial Statements 37.294 22.027 SONO 3.105 1.500 79,006 2900 75.427 36074 191437 97,207 96,364 35.867 9 160 (150) 134,047 375,119 RSA rks People Tab Window Help chap 1 X Birthris Room x Analys x append X C Solved x M MHER X edia/Connect Production/bne/wild_fap_24e/appendix_A.pdf APPLE September 26, 2015 1400RO Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS din millions, except number of shares which are reflected in thousands and perhe mounts) Years ended September 30, 2017 September 24, 2016 Net sales 229.234 215.639 Cost of sales 131,376 Gross margin 84.263 Operating expenses Research and development 11.581 10.045 Selling, general and adesinistrative 14,194 Total operating expenses Operating income 60. ORA Other income (expense), net 2.745 1,348 Income before provision for income taxes 61,372 Provision for income taxes 15.085 45.657 14329 Farnings per share 9.27 Diluid Shares used in computing earnings per share: 3.217.242 5470820 Cash dividends declared per share See companying Notes to Consolidated Financial Statem September 26, 2015 53,194 224 Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME la millions) Years ended September 30, 2017 September 24, 2016 Net income 4R. 351 45687 Other comprehensive income (s) Change in foreign currency translation of tax effects of $(77) Sad 5201, respectively Charpe in unrealised painosses derivative instruments Change in fair value of derivatives of tax benefii (expense) of $1478), 5(7) 41), respectively 1315 Adjustment for et gains) es realued and included in net income, net of tax expechenefit) $475, 5131 and 630, respectively (1,477 Totall change in cared ones on derivative instruments, ofta (162) (734) Change is realized gains desses on market securities Change in fair value of marketable securities of tax benefit (expense of $425, 863) $264, respectively (782) 1,562 Adjustment for et gai) se realised and included in met income 2.905 @OON RSA Bookmarks People Tab Window Help chap 1 X Birthris x McGrax - Analys X append X C Solved: x M MHER X n.com/Media/Connect_Production/bne/wild_fap_24e/appendix_A.pdf APPLE Total 37,152 Shareholders Equity 111547 522794 (1.427) (11.627) (36,026) 3.586 Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except number of shares which are reflected in the sands) Accumulated Other Common Stock and Comprehensive Additional Paid-In Capital Retained Income Shares (L. ) Balances as of September 27, 2014 5,866,161 $ 23,313 Net income Other comprehensive income (los) (1,427) Dividends and dividend equivalents declared Repurchase of common stock (325.022) (36,026) Share-based compensation Common stock issued, met of shares withheld for employee taxes 37.634 Tax benefit froen equity awards, including transfer pricing adjustments Balances of September 26, 2015 5.578.753 27,416 94 Net Income Other comprehensive inceloss) Dividends and dividend equivalents declared (12 TSS Repurchase of common stock (279.09 (29,000) Share-based compensation Common stock oed net of shares withheld for employee taxes 37,092 Tax benefit from all awards, include transfer pricing adjustments Balances as of September 24, 2016 (8.60) 119, 155 45,687 (12,165) (29,000 4,262 (1.225) 128. 249 INI (784) (246,495) (12,803) 33.001) 4.909 Other comprehensive income (los) Dividends and dividend guivalent declared Repurchase of cop Share-based compensation Common stick issued set of shares withheld Se employee taxes Tex benefit from equity awards, including transfer pricing adjustments Balances as of September 30, 2017 1913) (1.494) $ (150) $ 134,047 See accompanying Notes to Consolidated Financial Stateme Rana Ara Anax appen XC Solved x M MHER X chap 1XB X WROOM APPL September 26, 2015 $ 13,844 4958 dia/Connect_Production/bne/wild_fap_24e/appendix A.pdf Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended September 10, 2017 September 24, 2016 Cash and cash equivalents, beginning of the year 20.484 5 21,120 Operating activities: Net income 4351 45.687 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 10,157 10.505 Share-based compensation expense 4.210 Deferred income tax expense 5966 Other Changes in operating nets and liabilities: unts receivable net (2093) Inventories (2,723 Vendor trade receivables Other current and non-current assets (5,318) Accounts payable Deferred revenue (626) (1.354) Other current and non-current liabilities Cash generated by operating activities 63.598 65,824 Tarvesting activities Purchases of marketable securities (1946) (142,478) Proceeds from maturities of marketable securities 31.775 2015 Proceeds from sales of marketable securities 94.564 90.516 Payments made in connection with business acquisitions, net (329 Payments for acquisition of property, plant and equipment (12,451) (12.734) Payments for acquisition of intangible asset (344) Payments for strategic investments, net (1.288) 25 005 5.001 1,042 1256 (166, 402) 14,518 107,447 (343) (11.247) ( 5) Or (464-16) (45.977) Cash used in investing activities Financing activities Proceeds from issuance of common stock Excess tax benefits from equity awards Payments for taxes related to nel share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds froissance of term deb.net Repayments of terme deht Change in commercial paper.net Cashed in financing cavities Increase (decrease in cash and cash equivalen Cash and cash equivalents, end of the year 627 (1.874) (12,769) 2.00) (1570) (12.150) (29,722) 24.954 (2.500) (33.253) 27.114 500) 2,191 (173473 (20.483) (195 20,484