Question

September 24, 2016 $ Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 30, 2017 ASSETS Current assets Cash and cash equivalents 20,289 Short-term marketable securities 53.892 Accounts receivable, less allowances of $58 and $53, respectively 17,874 Inventories 4,855 Vendor non-trade receivables 17.799 Other current assets 13,936 Total current assets 128,645 Long-term marketable securities 194,714 Property, plant and equipment, net 33,783 Goodwill 5,717 Acquired intangible assets, net 2,298 Other non-current assets 10.162 Total assets $ 375,319 S 20,484 46,671 15,754 2.132 13.545 8,283 106,869 170,430 27.010 5.414 3.206 8,757 321.686 LIABILITIES AND SHAREHOLDERS' EQUITY S Current liabilities Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities Deferred revenue, non-current Long-term debt Other non-current liabilities Total liabilities Commitments and contingencies 49.049 25,744 7.548 11,977 6,496 100.814 2.836 97.207 40.415 241,272 37.294 22,027 8,080 8,105 3,500 79,006 2.930 75,427 36,074 193,437 Shareholders' equity Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized: 5,126,201 and 5,336,166 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity 35.867 98,330 (150) 134.047 375,319 31.251 96,364 634 128.249 321.686 S See accompanying Notes to Consolidated Financial Statements.

Answer 1

1	Apple accounts receivable	= $ 17,874 millions
2	Accounts Receivable turnover	= Net credit sales
		Average accounts receivable
		=          2,29,234
		(17,874+15,754)/2
		= 13.63 times
3	Average collection period	=                        365 days
		Average receivable turnover ratio
		= 365/13.63
		= 26.8 days
4		Liquid assets	Current liabilities	Liquid assets as a percent of current liablities ($ million)
	September 30, 2017	20,289+53,892+17,874+4,855 = 96,910	100,814	96.13%
	September 24, 2016	20,484+46,671+15,754+2,132 = 85,041	79,006	107.64%