Refer to Apple’s financial statements in Appendix A to answer the following.
1. For both fiscal years ended September 28, 2013, and September 29, 2012, identify the total amount of cash and cash equivalents. Determine the percent (rounded to one decimal) that this amount represents of total current assets, total current liabilities, total shareholders’ equity, and total assets for both years.
Comment on any trends.
2. For fiscal years ended September 28, 2013, and September 29, 2012, use the information in the statement of cash flows to determine the percent change (rounded to one decimal) between the beginning and ending year amounts of cash and cash equivalents.
3. Compute the days’ sales uncollected (rounded to two decimals) as of September 28, 2013, and September 29, 2012. Has the collection of receivables improved? Are accounts receivable an important asset for Apple? Explain.