Does APPL capital structure differ from their industry average in 2019? Why or why not? (Industry averages should be taken from Bloomberg). Propose a change to their existing capital structure that you believe will benefit the firm. Justify your reasons for this change. Include the new values of the capital structure ratios that result from your proposed change. Finally include the impact to the firms stock price resulting from changes to the capital structure, i.e. issuance of additional shares of equity or issuance of new debt. The construction of a Market Value Balance Sheet with the existing capital structure and the proposed capital structure should be included.

27-Sep-19 Cash 12,204.00 Cash & Equivalents 36,640.00 Short Term Investments 51,713.00 Cash and Short Term Investments 100,557.00 Accounts Receivable - Trade, Net 22,926.00 Total Receivables, Net 45,804.00 Total Inventory 4,106.00 Other Current Assets, Total 12,352.00 Total Current Assets 162,819.00 Property/Plant/Equipment, Total - Gross 95,957.00 Accumulated Depreciation, Total (58,579.00) Property/Plant/Equipment, Total - Net 37,378.00 Long Term Investments 105,341.00 Other Long Term Assets, Total 32,978.00 Total Assets 338,516.00 Accounts Payable 46,236.00 Notes Payable/Short Term Debt 5,980.00 Current Port of LT Debt/Capital Leases 10,260.00 Other Current liabilities, Total 43,242.00 Total Current Liabilities 105,718.00 Long Term Debt 91,807.00 Total Long Term Debt 91,807.00 Total Long Term Debt 91,807.00 Total Debt 108,047.00 Other Liabilities, Total 50,503.00 Total Liabilities 248,028.00 Common Stock, Total 45,174.00 Retained Earnings (Accumulated Deficit) 45,898.00 Unrealized Gain (Loss) 707.00 Other Equity, Total (1,291.00) Total Equity 90,488.00 338,516.00 Total Liabilities & Shareholders' Equity Total Common Shares Outstanding 4,443.24 Tangible Book Value per Share, Common Eq 20.37 Deferred Income Tax 31,504.00 Goodwill, Net 5,414.00 Intangibles, Net 3,206.00 Accrued Expenses 20,951.00 27-Sep-19 Cash 12,204.00 Cash & Equivalents 36,640.00 Short Term Investments 51,713.00 Cash and Short Term Investments 100,557.00 Accounts Receivable - Trade, Net 22,926.00 Total Receivables, Net 45,804.00 Total Inventory 4,106.00 Other Current Assets, Total 12,352.00 Total Current Assets 162,819.00 Property/Plant/Equipment, Total - Gross 95,957.00 Accumulated Depreciation, Total (58,579.00) Property/Plant/Equipment, Total - Net 37,378.00 Long Term Investments 105,341.00 Other Long Term Assets, Total 32,978.00 Total Assets 338,516.00 Accounts Payable 46,236.00 Notes Payable/Short Term Debt 5,980.00 Current Port of LT Debt/Capital Leases 10,260.00 Other Current liabilities, Total 43,242.00 Total Current Liabilities 105,718.00 Long Term Debt 91,807.00 Total Long Term Debt 91,807.00 Total Long Term Debt 91,807.00 Total Debt 108,047.00 Other Liabilities, Total 50,503.00 Total Liabilities 248,028.00 Common Stock, Total 45,174.00 Retained Earnings (Accumulated Deficit) 45,898.00 Unrealized Gain (Loss) 707.00 Other Equity, Total (1,291.00) Total Equity 90,488.00 338,516.00 Total Liabilities & Shareholders' Equity Total Common Shares Outstanding 4,443.24 Tangible Book Value per Share, Common Eq 20.37 Deferred Income Tax 31,504.00 Goodwill, Net 5,414.00 Intangibles, Net 3,206.00 Accrued Expenses 20,951.00