Using the following financial statements of Apple Company and answer the questions shown below.

Balance sheet (All values are in millions).

Items	2020	2021
Cash	225,229	260,865
Account receivables	7,539	7,807
Inventory	11,342	11,715
Prepaid expenses	5,240	4,890
Net Property and Equipment	37,521	37,513
Investment in Facebook stocks	12,320	9,760
Account payables	5,671	5,938
Accruals	3,240	2,985
Bonds and mortgage loans	24,650	24,650
Other long-term liabilities	5,350	5,350
Total shareholders equity	260,280	293,627

Income statement

Items	2020	2021
Revenues	150,772	158,311
Cost of goods sold	56,710	58,575
Salaries & benefits	25,245	26,913
Marketing & advertising expenses	11,412	10,000
Deprecation	16,080	15,008
Interest	1,500	1,500
Taxes (30%)	11,948	13,895
Net income	27,877	32,420

Questions

Compute the return on net operating assets (RNOA).

Compute the Net-operating profit margin (NOPM).

Compute the Net-operating Asset turnover (NOAT).

Calculate the ROE of the company using a two-stage DuPont analysis.

What is the liquidity ratio of Apple in 2020 and 2021? Does the company has the capacity to make payments of its current liability?

Calculate the Liability-to-equity ratio and total debt to equity ratio of Apple in 2020 and 2021, and interpret the implications of the ratios on the ability of the company to pay its loans.