Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 13

Refer to Apple 's financial statements in Appendix A to answer the following.
Required
1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready for resale. Compute the net cost of goods purchased for the year ended September 28, 2013.
2. Compute the current ratio and acid-test ratio as of September 28, 2013, and September 29, 2012. Interpret and comment on the ratio results. How does Apple compare to the industry average of 1.5 for the current ratio and 1.25 for the acid-test ratio
Fast Forward
3. Access Apple's financial statements (form 10-K) for fiscal years ending after September 28, 2013, from its website ( Apple.com ) or the SEC's EDGAR database ( www.SEC.gov ). Recompute and interpret the current ratio and acid-test ratio for these current fiscal years.
Refernce: Apple 's financial statements in Appendix A