1 BUS333 - Week 5 2 Chapter 3 (Working with Financial Statements); Chapter 4 (Long-Term Financial Planning) 3 37 38 For questions \#7-20, refer to the following financial information for Apple Inc. (all numbers are in Smillions): 3940 2021 BALANCE SHEET: Assets: \begin{tabular}{|l|r|r|} \hline Cash & $74,181 & $66,301 \\ \hline Accounts Receivable & 35,673 & 45,995 \\ \hline Inventory & 5,255 & 3,986 \\ \hline Other Current Assets & 13,536 & 12,057 \\ \hline Fixed Assets, net & 33,783 & 41,304 \\ \hline Investments & 212,891 & 233,082 \\ \hline Total Assets & $375,319 & $402,725 \\ \hline \end{tabular} Liabilities and Equity: \begin{tabular}{l|r|r|} \hline Accounts Payable & $44,242 & $55,888 \\ \hline Other Current Liabilities & 50,226 & 51,416 \\ \hline Long-term Debt & 103,703 & 106,519 \\ \hline Other Noncurrent Liabilities & 45,251 & 48,209 \\ \hline Common Stock & 35,567 & 30,293 \\ \hline Retained Earnings & 96,330 & 110,400 \\ \hline Total Liabilities and Equity & $375,319 & $402,725 \end{tabular} BUS333 - Week 5 Chapter 3 (Working with Financial Statements); Chapter 4 (Long-Term Financial Planning) FY2022 INCOME STATEMENT: \begin{tabular}{l|r} Revenue & $281,595 \\ \hline Cost of Goods Sold & 163,756 \\ \hline General and Administrative & 14,793 \\ \hline Depreciation Expense & 12,403 \\ \hline Earnings Before Interest and Taxes & 90,643 \\ \hline Interest Expense & 3,240 \\ \hline Pretax Net Income & 87,403 \\ \hline Income Taxes & 15,272 \\ \hline Net Income & $72,131 \end{tabular} 73 YOU MUST USE EXCEL'S FUNCTIONALITY TO PERFORM ALL CALCULATIONS TO EARN CREDIT (insert rows as needed) 74 DO NOT MERELY TYPE IN NUMBERS OR IMPORT TEXT FROM OTHER SOURCES: 7. What was Apple's Current Ratio at the end of 2022 ? 8. What was Apple's Quick Ratio at the end of 2022 ? 9. What was Apple's Debt to Equity Ratio at the end of 2022 ? (AP is not part of Debt for purposes of this calculation) 10. What was Apple's Times Interest Earned Ratio in 2022? 11. Assuming that all Apple's sales in fiscal 2022 were on credit, how many days, on average, did it take Apple to sell its inventory in 2022? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 12. Assuming that all Apple's sales in fiscal 2022 were on credit, what was the company's Days Sales Outstanding in 2022 ? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 13. How much did Apple pay out in dividends during fiscal 2022? 14. What was Apple's dividend payout ratio during fiscal 2022 ? 15. What as Apple's Equity Multiplier for 2022 ? 16. What was Apple's Return on Equity for 2022 ? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 17. If Apple had an average of 4,037 million common shares outstanding during 2022 and its stock is currently worth $155 per share, what is its Price : Earnings (PE) ratio? 18. If the analysts who follow Apple project 2023 sales to increase by 7.4% over 2020 , its after-tax profit margin to remain the same, and anticipate a 60% dividend payout ratio, what are the projected retained earnings by the end 2023 ? 19. Assuming that Apple's net working capital is expected to vary directly with sales, based on a projected 7.8% sales increase in 2023 , what is the projected accounts receivable balance at the end of 2023 ? 1 BUS333 - Week 5 2 Chapter 3 (Working with Financial Statements); Chapter 4 (Long-Term Financial Planning) 3 37 38 For questions \#7-20, refer to the following financial information for Apple Inc. (all numbers are in Smillions): 3940 2021 BALANCE SHEET: Assets: \begin{tabular}{|l|r|r|} \hline Cash & $74,181 & $66,301 \\ \hline Accounts Receivable & 35,673 & 45,995 \\ \hline Inventory & 5,255 & 3,986 \\ \hline Other Current Assets & 13,536 & 12,057 \\ \hline Fixed Assets, net & 33,783 & 41,304 \\ \hline Investments & 212,891 & 233,082 \\ \hline Total Assets & $375,319 & $402,725 \\ \hline \end{tabular} Liabilities and Equity: \begin{tabular}{l|r|r|} \hline Accounts Payable & $44,242 & $55,888 \\ \hline Other Current Liabilities & 50,226 & 51,416 \\ \hline Long-term Debt & 103,703 & 106,519 \\ \hline Other Noncurrent Liabilities & 45,251 & 48,209 \\ \hline Common Stock & 35,567 & 30,293 \\ \hline Retained Earnings & 96,330 & 110,400 \\ \hline Total Liabilities and Equity & $375,319 & $402,725 \end{tabular} BUS333 - Week 5 Chapter 3 (Working with Financial Statements); Chapter 4 (Long-Term Financial Planning) FY2022 INCOME STATEMENT: \begin{tabular}{l|r} Revenue & $281,595 \\ \hline Cost of Goods Sold & 163,756 \\ \hline General and Administrative & 14,793 \\ \hline Depreciation Expense & 12,403 \\ \hline Earnings Before Interest and Taxes & 90,643 \\ \hline Interest Expense & 3,240 \\ \hline Pretax Net Income & 87,403 \\ \hline Income Taxes & 15,272 \\ \hline Net Income & $72,131 \end{tabular} 73 YOU MUST USE EXCEL'S FUNCTIONALITY TO PERFORM ALL CALCULATIONS TO EARN CREDIT (insert rows as needed) 74 DO NOT MERELY TYPE IN NUMBERS OR IMPORT TEXT FROM OTHER SOURCES: 7. What was Apple's Current Ratio at the end of 2022 ? 8. What was Apple's Quick Ratio at the end of 2022 ? 9. What was Apple's Debt to Equity Ratio at the end of 2022 ? (AP is not part of Debt for purposes of this calculation) 10. What was Apple's Times Interest Earned Ratio in 2022? 11. Assuming that all Apple's sales in fiscal 2022 were on credit, how many days, on average, did it take Apple to sell its inventory in 2022? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 12. Assuming that all Apple's sales in fiscal 2022 were on credit, what was the company's Days Sales Outstanding in 2022 ? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 13. How much did Apple pay out in dividends during fiscal 2022? 14. What was Apple's dividend payout ratio during fiscal 2022 ? 15. What as Apple's Equity Multiplier for 2022 ? 16. What was Apple's Return on Equity for 2022 ? (For balance sheet accounts, use the average of the beginning and end-of-year balances). 17. If Apple had an average of 4,037 million common shares outstanding during 2022 and its stock is currently worth $155 per share, what is its Price : Earnings (PE) ratio? 18. If the analysts who follow Apple project 2023 sales to increase by 7.4% over 2020 , its after-tax profit margin to remain the same, and anticipate a 60% dividend payout ratio, what are the projected retained earnings by the end 2023 ? 19. Assuming that Apple's net working capital is expected to vary directly with sales, based on a projected 7.8% sales increase in 2023 , what is the projected accounts receivable balance at the end of 2023