I need help calculating the Current Ratio, Acid-Test Ratio, Days In Receivables,
ID: 2617535 • Letter: I
Question
I need help calculating the Current Ratio, Acid-Test Ratio, Days In Receivables, and Turnover Ratio with the Income Statement and Balance Sheet posted below.
?AAPL Financial model Home Saved torr Insert Page Layout Formulas Data Review View Cut Copy Format General Paste Security Warning External Data Connections have been disabled Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. F3 1 Apple Inc. (AAPL) Income Statement Dollars %Of Sales s Revenue 6 Total Revenue 7 Cost of Revenue 8 Gross Profit 9 Operating Expenses 9/24/16 /26/15 9/30/17 9/24/16 9/26/15 229,234,000 215,639,000 233,715,000 100%100% 100% , 141,048,000 131,376,000 140,089,000 88,186,000 84,263,000 93,626,000 62% 38% 61% 39% 60% 40% 4096 Research Development 11 Selling General and Administrative 12 Non Recurring 13 Others 14 Total Operating Expenses 11,581,000 10,045,000 8,067,000 5% 5% 3% 96 ) 5961 396 15,261,000 14,194,000 14,329,000 7% 7% 6 Operating Income or Loss 16 Income from Continuing Operations 17 Total Other Income/Expenses Net 18 Eamings Before Interest and Taxes 19 Interest Expense 20 Income Before Tax 21 Income Tax Expense 22 Minority Interest 61,344,000 60,024,000 71,230,000 27% 28% 30% 2,745,000 1,348,000 1,285,000 1% 1% 1%; ,_ 1961 196 28%, 64,089,000 61,372,000 72,515,000 64089,000 61,372,000 72515,000 15,738,000 15,685,000 19,121,000 48,351,000 45,687,000 53,394,000 28% 28% 796 21% 31% , 28% 31% / 796| 896 7%--8% 21%, 23% 3 Net Income From Continuing Ops 24 Non-recurring Events Discontinued Operations 26 Extraordinary Items Effect Of Accounting Changes 28 Other Items 29 Net Income 30 Net Income 48,351,000 45,687,000 53,394,000 21% 21%23% , 1 Preferred Stock And Other Adjustments 32 Net Income Applicable To Common Shares 48,351,000 4 5,687,000 53,394,000 2196. 21%- 23% 34 Balance SheetCash Flow+ Ready esc FlExplanation / Answer
Current Ratio = Current Assets/ Current liabilties
Current assets = 128,645,000
Current liabilties = 100,814,000
Current Ratio = 128,645,000/100,814,000 = 1.276
Acid test Ratio = (current assets - Inventory)/current liabilties
Inventories = 4,855,000
Acid test ratio = (128,645,000 - 4,855,000)/100,814,000 = 1.228
Accounts receivable turnover = Annual credit sales/ Net receivables
Annual credit sales = 229,234,000
Net receivables = 35,673,000
Accounts receivables turnover = 229,234,000/35,673,000 = 6.426
Days in receivables = 365/ accounts receivable turnover = 365/ 6.426 = 56.80 days
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