Assume the following data were included in a recent Apple Inc. annual report (in millions): 

Required: 

1. Compute Apple’s fixed asset turnover ratio for 2015, 2016, and 2017. Round your answer to one decimal place. 

2. Was Apple able to maintain its strong financial performance in recent years when the economy was beginning to falter?

Transcribed Image Text:

2014 2015 2016 2017 Net sales $13,931 $19,315 $24,006 $32,479 Net property, plant, and equipment 817 1,281 1,832 2,455