Use Apple’s financial statements in Appendix A to answer the following. 

1. Using fiscal 2016 as the base year, compute trend percents for fiscal years 2016, 2017, and 2018 for net sales, cost of sales, operating income, other income (expense) net, provision for income taxes, and net income. Round percents to one decimal. 

2. Compute common-size percents for fiscal years 2017 and 2018 for the following categories of assets:

(a) Total current assets; 

(b) Property, plant and equipment, net; 

(c) Accounts receivable, net. Round percents to one decimal. 

3. Using current assets as a percent of total assets to measure liquidity, did Apple’s asset makeup become more liquid or less liquid in 2018?