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

	Apple Inc		Microsoft Corporation
Income Statement	FYE Sept, 27 2014 (000)		FYE June 30 2015 (000)
Net sales	182,795,000		93,580,000
Cost of sales	112,258,000		33,038,000
Gross margin		70,537,000		60,542,000
Research & development expense	6,041,000		12,046,000
Selling, general & admin expense	11,993,000		20,324,000
Total operating expenses			10,011,000
Operating expenses		18,034,000		42,381,000
Operating margin		52,503,000		18,161,000
Interest & dividend income	1,795,000		766,000
Interest expense	384,000		781,000
Other Income / Expense	-431,000		361,000
Total Other income		980,000		346,000
Earnings before taxes		53,483,000		18,507,000
Provision for taxes	13,973,000		6,314,000
Net income (loss)		39,510,000		12,193,000

	Apple Inc		Microsoft Corporation
Balance sheet	FYE Sept, 27 2014 (000)		FYE June 30 2015 (000)
Cash & cash equivalents	13,844,000		5,595,000
Short-term marketable securities	11,233,000		90,931,000
Accounts receivable	17,460,000		17,908,000
Components	471,000		1,100,000
Finished goods	1,640,000		1,600,000
Inventories	2,111,000		2,902,000
Other Current Assets	21,772,000		4,676,000
Total current assets		68,531,000		124,712,000
	130,162,000		12,053,000
Long-term marketable securities	20,624,000		14,731,000
Fixed Assets: PP&E (net)	12,522,000		24,727,000
Other assets		163,308,000		51,511,000
Long term assets		231,839,000		176,223,000
Total assets	30,196,000		6,591,000
Accounts payable	33,252,000		43,267,000
Other Current liabilities		63,448,000		49,858,000
Total current liabilities	28,987,000
Long-term debt	3,031,000		278,080,000
Deferred revenue - non-current	20,259,000		2,095,000
Deferred tax liabilities	4,567,000		2,835,000
Other non-current liabilities			13,544,000
Long Term liabilities		56,844,000		46,282,000
Total liabilities		120,292,000		96,140,000
Common stock	23,313,000		68,465,000
Retained earnings	87,152,000		9,096,000
Unrecognized gain on securities	1,082,000		2,522,000
Total shareholders' equity		111,547,000		80,083,000
Total liabilities + shareholders equity		231,839,000		176,223,000

Calculate the Apples ROIC and supporting ratios. (Enter your responses rounded to two decimal places.)

	Apple
ROIC
Tax Efficiency
Tax Rate
Operating Profit Margin
COGS/Rev
R&D/Rev
S&GA/Rev
Capital Efficiency
Working Capital Turnover
Fixed Asset Turnover
Inventory Turnover
Receivables Turnover
Payables Turnover