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2. Refer to the financial statements of both Apple and Google that appear in Appendix A of your text for the following questions: Page 1 of 3 f. Compute the debt ratio for each of the fiscals years (2015 and 2014) for each company (report ratio in percent and round it to one decimal) g. Which of the two companies has the higher degree of financial leverage? What does this imply? 3. Refer to the financial statements of Apple that appear in Appendix A of your text for the following questions: h. Compute the current ratio for the year ended September 26, 2015 for Apple. i. Interpret what this ratio reveals about Apple, particularly in light of the industry average of 1.5. 4. Refer to the financial statement of both Apple and Google that appear in Appendix A of your text for the following questions: ]. Compute the gross margin ratio for the most recent year shown for each company k. Which company earns more in gross margin for each dollar of net sales? How do they compare with the industry average of 45.0% I. Did the gross margin ratio improve or decline for these companies? 5. Refer to the financial statements of Apple that appear in Appendix A of your text for the following questions: m. Does inventory appear to be an important asset to Apple? Explain your reasoning. n. Compute and interpret inventory turnover for year ended September 26, 2015 and interpret what this resulting figure tells us about Apple's inventory. 6. Refer to the financial statements of Apple that appear in Appendix A of your text for the following questions: a. Compute Apples' Accounts Receivable turnover as of September 26, 2015 b. How long does it take, on average for Apple to collect receivables? c. Apple's most liquid assets are cash and cash equivalents, short-term marketable securities, receivables and inventory. Compute the percentage that these assets make up of current liabilities as of September 26, 2015. Do the same for September 27, 2014. Comment on the company's ability to satisfy to its current liability as of its fiscal 2015 year-end compared to 2014. What commonly used ratio is the calculation most similar to? d. What criteria did Apple use to classify items in cash equivalents? (you will need to refer to the footnotes to answer this question) 7. Refer to the financial statements of Google that appear in Appendix A of your text for the following questions: a. How much did customers owe to Google at the end of 2015 ? b. How much did Google expect to collect from its customers at the end of 2015 c. Of the total receivables at the end of 2015 , how much did Google expect NOT to collect? 8. Refer to the financial statements of Apple that appear in Appendix A of your text for the following questions: a. Under what category does Apple report is plant assets? b. What was the cost of the company's assets as of September 26, 2015? What is the total amount that the assets have depreciated? (See footnotes for this data) 9. Refer to the financial statement of Apple that appear in Appendix A of your text for the following questions: o. On what statement can you find whether Apple paid any dividends to shareholders? Did they during the year ended September 26,2015 ? If so, how much? p. Earnings per Share (EPS) is required to be presented on the face of the income statement. Indicate what EPS (use basic) is for Apple for the years presented and comment on what these amounts mean to a user. \begin{tabular}{lrc} Key Figure & \multicolumn{1}{c}{ Apple } & Google \\ \hline & & \\ Liabilities and Equity & $290,479 & $147,461 \\ Net income & 53,394 & 16,348 \\ Revenues and Sales & 233,715 & 74,989 \end{tabular}

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