The following information was available for the year ended December 31, 2022:Earnings before interest and taxes (operating income) $ 50,000Interest expense 10,000Income tax expense 12,000Net income 28,000Total assets at year-end 200,000Total liabilities at year-end 120,000The debt ratio at December 31, 2022 was:

The following information was available for the year ended December 31, 2022:Sales $ 300,000Net income 50,000Average total assets 750,000Average total stockholders' equity 500,000Turnover for the year ended December 31, 2022 was:

(Amounts Expressed in Millions) 2020 2019For the Fiscal Years Ended September 26 and September 28, respectively:Net sales $ 274,515 $ 260,174Costs of sales 169,559 161,782Operating income 66,288 63,930Net income $ 57,411 $ 55,256At Year-End: Assets    Current assets:    Cash and cash equivalents $ 38,016 $ 48,844Short-term marketable securities 52,927 51,713Accounts receivable, net 16,120 22,926Inventories 4,061 4,106Vendor non-trade receivables 21,325 22,878Other current assets 11,264 12,352Total current assets 143,713 162,819Noncurrent assets:    Long-term marketable securities 100,887 105,341Property, plant, and equipment, net 36,766 37,378Other noncurrent assets 42,522 32,978Total noncurrent assets $ 180,175 $ 175,697Total assets $ 323,888 $ 338,516Liabilities and Shareholders’ Equity    Current liabilities:    Accounts payable $ 42,296 $ 46,236Other current liabilities 42,684 37,720Deferred revenue 6,643 5,522Commercial paper 4,996 5,980Current portion of term debt 8,773 10,260Total current liabilities 105,392 105,718Noncurrent liabilities:    Noncurrent portion of term debt 98,667 91,807Other noncurrent liabilities 54,490 50,503Total noncurrent liabilities 153,157 142,310Total liabilities 258,549 248,028Shareholders’ equity:    Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively 50,779 45,174Retained earnings 14,966 45,898Accumulated other comprehensive income/(loss) (406) (584)Total shareholders’ equity 65,339 90,488Total liabilities and shareholders’ equity $ 323,888 $ 338,516At September 29, 2018, total assets were $365,725 and total shareholders’ equity was $107,147.Required:Calculate Apple Incorporated’s working capital, current ratio, and acid-test ratio at September 26, 2020, and September 28, 2019.

The following amounts were reported on the December 31, 2022, balance sheet:Retained earnings $ 140,000Buildings and equipment, net of accumulated depreciation 150,000Accounts receivable 38,000Common stock 20,000Wages payable 5,000Cash 13,000Land 60,000Accounts payable 25,000Bonds payable 90,000Merchandise inventory 24,000The current ratio at December 31, 2022 was:

Assets Liabilities  Accounts payable 25,000Cash 8, 000 Bank overdrafts 1,500Accounts receivables 10, 000 Long term loans 40,000Inventory 10, 000 Total liabilities 66,500Property, Plant and Equipment 100, 000 Shareholders Equity   Share capital 35,000  Retained earnings 26, 500Total Assets 128, 000 Total Liabilities and SE 128, 000 You have the following information from the balance sheet of Company X as at 30 June 2018.Calculate current ratio.

(c) Prepare the revised income and expenditure account for the year ended 31 December 2021.[12]