Chapter 13, Problem 1AA

Use Apple’s financial statements in Appendix A to answer the following.
1. Using fiscal 2015 as the base year, compute trend percents for fiscal years 2015, 2016, and 2017 for net sales, cost of sales, operating income, other income (expense) net, provision for income taxes, and net income. Round percents to one decimal.
2. Compute common-size percents for fiscal years 2016 and 2017 for the following categories of assets: (a) total current assets; (h) property, plant and equipment, net; and (c) goodwill plus acquired intangible assets, net. Round percents to one decimal.
3. Using current assets as a percent of total assets to measure liquidity, did Apple’s asset makeup become more liquid or less liquid in 2017?