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Use the income statement and balance sheet information for Apple to fill in the missing items in the calculation of Apple's ROIC and supporting ratios.

Use the income statement and balance sheet information for Apple to fill in the missing items in the calculation of Apple's ROIC and supporting ratios. Once filled in correctly, compare Apple's performance to that of Blackberry. Where does Apple have an advantage? Where does Blackberry have an advantage?

Apple, Inc. Blackberry
Income Statement YE Sept 2012 YE Mar 2012
Net sales 156,508 18,423
Cost of sales 87,846 11,848
Gross margin 68,662 6,575
Research & development expense 3,381 1,559
Selling, general & admin expense 10,040 2,600
other operating 0 930
Total operating expenses 13,421 5,089
Operating margin 55,241 1,486
Interest & dividend income 0 0
Interest expense 0 0
Other Income / Expense 522 21
Total Other income 522 21
Earnings before taxes 55,763 1,507
Provision for taxes 14,030 354
Net income (loss) 41,733 1,153

Apple Inc Microsoft Corporation
Balance sheet YE Sept 2012 YE Mar 30 2012
1,527
Cash & cash equivalents 10,746 247
Short-term marketable securities 18,383 3,062
Accounts receivable 10,930 0
Components 0 0
Finished goods 0 1,027
Inventories 791 1,208
Other Current Assets 16,803
Total current assets 57,653 7,071
0
Long-term marketable securities 0 2,733
Fixed Assets: PP&E (net) 15,452 3,927
Other assets 102,959
Long term assets 6,660
Total assets 176,064 13,731
744
Accounts payable 21,175 0
Accrued expenses 11,414 0
Deferred revenue 0 2,645
other 5,953
Total current liabilities 38,542 3,389
Long-term debt 0 0
Deferred revenue - non-current 0 0
Deferred tax liabilities 0
Other non-current liabilities 19,312 242
Other long-term liabilities
Total long-term liabilities 242
Long-term liabilities 19,312
Total liabilities 57,854 3,631
14
Common stock 667 7,913
Retained earnings 101,289 2,173
Unrecognized gain on securities 0 10,100
Total shareholders' equity 118,210
Total liabilities + shareholders equity 176,064

Calculate of Apple's ROIC and supporting ratios. (Enter your responses rounded to two decimal places.)

ROIC

Capital Efficiency

Working Capital Turn

Fixed Asset Turn

Inventory Turn

Receivable Turn

Payables Turn

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