Use Apple's financial statements to calculate the following ratios and summary measures for fiscal 2020 and 2019 (round to the nearest tenth). Indicate whether the ratio was more favorable in 2020 or 2019. Apple's stock price was $115 per share on Sept. 30, 2020 and $55 on Sept. 30, 2019. Is the Ratio more favorable in 2020 or 2019? Fiscal 2020 Fiscal 2019 DAYS RECEIVABLE DAYS INVENTORY RETURN ON ASSETS PROFIT MARGIN % GROSS MARGIN % RETURN ON EQUITY CURRENT RATIO QUICK RATIO IIIIII EBITDA DEBT-TO-EQUITY RATIO n/a DIVIDEND PAYOUT RATIO n/a PE RATIO n/a Apple Inc. Consolidated Balance Sheets In millions Sept 30, 2020 Sept 30, 2019 Sept 30, 2018 ASSETS Cash & cash equivalents Short-term investments Accounts receivable, net Inventories Other current assets Total current assets Long-term investments Property, plant, & equipment, net Other non-current assets $ 38,016 52,927 16,120 4,061 32,589 143,713 100,887 36,766 42,522 $ 323,888 $ 48,844 51,713 22,926 4,106 35,230 162,819 105,341 37,378 32,978 $ 338,516 $ 25,913 40,388 23,186 3,956 37,896 131,339 170,799 41,304 22,283 365,725 Total assets LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Unearned revenue Commercial paper Current portion of long-term debt Total current liabilities Long-term debt Other non-current liabilities Total liabilities Common stock and additional paid-in capital Treasury stock Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities & stockholders' equity $ 42,296 42,684 6,643 4,996 8,773 105,392 98,667 54,490 258,549 50,779 (373,216) 388,182 (406) 65,339 $323,888 $ 46,236 37,720 5,522 5,980 10,260 105,718 91,807 50,503 248,028 45,174 (300,700) 346,598 (584) 90,488 $ 338,516 $ 55,888 32,687 7,543 11,964 8,784 116,866 93,735 47,977 258,578 40,201 (233,599) 303,999 (3,454) 107,147 $365,725 Consolidated Income Statements In millions Year ended Sept. 30, 2020 $274,515 169,559 104,956 Year ended Sept. 30, 2019 $ 260,174 161,782 98,392 Year ended Sept. 30, 2018 $ 265,595 163,756 101,839 16,217 Net sales Cost of goods sold Gross margin Operating expenses: Research and development Depreciation and amortization Other operating expenses Operating income Interest and dividend income Interest expense Other expense/income), net Income before income taxes 18,752 11,056 8,860 66,288 3,763 2,873 87 12,547 5,698 63,930 4,961 3,576 (422) 14,236 10,903 5,802 70,898 5,686 3,240 441 67,091 9,680 65,737 10,481 $ 55,256 72,903 13,372 Income tax expense Net income $57,411 $ 59,531 Basic earnings per share $3.31 $ 2.99 $ 3.00 Apple Inc. Consolidated Statements of Retained Earnings In millions Beginning Retained Earnings Net income Dividends declared Other, net Ending Retained Earnings Year ended Sept. 30, 2020 $346,598 57,411 (14,087) (1,740) $ 388,182 Year ended Sept. 30, 2019 $ 303,999 55,256 (14,129) 1,472 Year ended Sept. 30, 2018 $ 258,873 59,531 (13,735) (670) $ 303,999 $ 346,598