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

1. Using fiscal 2017 as the base year, compute trend percents for fiscal years 2017, 2018, and 2019 for total net sales, total 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 2018 and 2019 for the following categories of assets:

(a) Total current assets; 

(b) Property, plant and equipment, net; and 

(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 2019?