Refer to Apple's financial statements in Appendix A to answer the following.

1. For both fiscal years ended September 27, 2014, and September 28, 2013, 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 27, 2014, and September 28, 2013, 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 27, 2014, and

September 28, 2013. Has the collection of receivables improved? Are accounts receivable an important asset for Apple? Explain.

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Apple's financial statements form Appendix A shown in below:

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Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 28, 2013 September 27, 2014 ASSETS: Current assets: 13,844 11,233 14,259 26,287 13,102 1,764 3,453 7,539 6,882 73,286 Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowances of $86 and $99, respectively 17,460 Inventories 2,111 4,318 9,759 Deferred tax assets Vendor non-trade receivables Other current assets 9,806 68,531 Total current assets Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, net 130,162 106,215 16,597 1,577 4,179 20,624 4,616 4,142 Other assets 3,764 231,839 5,146 207,000 Total assets LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable Accrued expenses 30,196 22,367 13,856 7,435 18,453 Deferred revenue 8,491 6,308 Commercial paper Total current liabilities 43,658 2,625 16,960 20,208 63,448 3,031 28,987 24,826 Deferred revenue – non-current Long-term debt Other non-current liabilities 120,292 Total liabilities 83,451 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value; 12,600,000 shares authorized; 5,866,161 and 6,294,494 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity 23,313 87,152 1,082 111,547 19,764 104,256 (471) 123,549 207,000 231,839