Use the income statement and balance sheet information for Apple to fill in the missing items in the calculation of Apple's ROIC and supporting ratios. Once filled in correctly, compare Apple's performance to that of Blackberry. Where does Apple have an advantage? Where does Blackberry have an advantage?

	Apple, Inc.	Blackberry
Income Statement	YE Sept 2012	YE Mar 2012
Net sales	156,508		18,423
Cost of sales	87,846		11,848
Gross margin	68,662		6,575
Research & development expense	3,381		1,559
Selling, general & admin expense	10,040		2,600
other operating	0		930
Total operating expenses	13,421		5,089
Operating margin	55,241		1,486
Interest & dividend income	0		0
Interest expense	0		0
Other Income / Expense	522		21
Total Other income	522		21
Earnings before taxes	55,763		1,507
Provision for taxes	14,030		354
Net income (loss)	41,733		1,153

	Apple Inc	Microsoft Corporation
Balance sheet	YE Sept 2012	YE Mar 30 2012
			1,527
Cash & cash equivalents	10,746		247
Short-term marketable securities	18,383		3,062
Accounts receivable	10,930		0
Components	0		0
Finished goods	0		1,027
Inventories	791		1,208
Other Current Assets	16,803
Total current assets	57,653		7,071
			0
Long-term marketable securities	0		2,733
Fixed Assets: PP&E (net)	15,452		3,927
Other assets	102,959
Long term assets			6,660
Total assets	176,064		13,731
			744
Accounts payable	21,175		0
Accrued expenses	11,414		0
Deferred revenue	0		2,645
other	5,953
Total current liabilities	38,542		3,389
Long-term debt	0		0
Deferred revenue - non-current	0		0
Deferred tax liabilities	0
Other non-current liabilities	19,312		242
Other long-term liabilities
Total long-term liabilities			242
Long-term liabilities	19,312
Total liabilities	57,854		3,631
			14
Common stock	667		7,913
Retained earnings	101,289		2,173
Unrecognized gain on securities	0		10,100
Total shareholders' equity	118,210
Total liabilities + shareholders equity	176,064

Calculate of Apple's ROIC and supporting ratios. (Enter your responses rounded to two decimal places.)

ROIC

Capital Efficiency

Working Capital Turn

Fixed Asset Turn

Inventory Turn

Receivable Turn

Payables Turn