Required: Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or the PDF file, and use the search feature within the program.): 1. Calculate Apple's current, quick, and cash ratios for 2018 and 2019. The industry averages for these ratios for 2019 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places. 2019 2018 Current Ratio Quick Ratio Cash Ratio Comment on Apple's short-term liquidity. For 2019, Apple is below the industry average for the current and quick ratio, but is above the industry average for the cash ratio. However, because there is little concern about Apple's ability to sell its inventories, the current ratio provides relatively high confidence that Apple will be able to meet its short-term obligations. 2. Calculate Apple's debt to equity, long-term debt to equity, and times interest earned (accrual basis) for 2018 and 2019. The industry averages for these ratios for 2019 were 52.42%, 36.41%, and 13.83, respectively. You will need to read Note 4 to find the amount of interest expense. Round your answers to two decimal places. Debt to Equity Long-Term Debt to Equity Times Interest Earned (Accrual Basis) 2019 2018 0.56 % 0.45 % 0.33 % 0.31 % 4,961 5,686 Comment on Apple's mix of debt and equity and long-term solvency. While Apple is well below the industry averages for all three ratios, long-term solvency is much of a concern for Apple at this point in time. Comment on Apple's mix of debt and equity and long-term solvency. While Apple is well below the industry averages for all three ratios, long-term solvency is much of a concern for Apple at this point in time. 3. Calculate Apple's return on equity for 2018 and 2019 (stockholders' equity for 2017 was $134,047 million). The industry average for 2019 was 15.26%. Round your answers to two decimal places. 2019 2018 % % Comment on Apple's profitability. Apple is the industry average for return on equity for 2019. 4. Calculate Apple's dividend payout, stock repurchase payout, and total payout for 2018 and 2019. Round your answers to two decimal places. 2019 2018 % % Dividend Payout Repurchase Payout Total Payout % % % % What are Apple's objectives with their dividend policy and stock repurchase plan (see the "Capital Return Program" portion of Item 7: Management Discussion and Analysis)? Apple is attempting to return capital of $ billion to shareholders through a share repurchase plan. As for dividends, Apple is paying out approximately $ per share per quarter. Further, it intends to its dividends on an annual basis.