Given:Apple had cash and short-term investments of $24.65 billion, accounts receivable of $15.30 billion, current assets of $52.94 billion, and current liabilities of $33.06 billion.To find:What was Apple's current ratio?What was Apple's quick ratio?Solution:Current RatioCurrent ratio is a financial ratio that measures whether or not a firm has enough resources to meet its short-term obligations. Current ratio is computed by dividing total current assets by total current liabilities.Current Ratio = Total Current Assets / Total Current Liabilities Total Current Assets = $52.94 billion Total Current Liabilities = $33.06 Billion Current Ratio = $52.94 billion / $33.06 billion= 1.6:1Therefore, Apple's current ratio is 1.6:1.Quick RatioQuick ratio is a financial ratio that measures whether or not a firm has enough resources to meet its short-term obligations. Quick ratio is computed by subtracting inventories from current assets and then dividing the result by current liabilities.Quick Ratio = (Total Current Assets – Inventories) / Total Current LiabilitiesTotal Current Assets = $52.94 billionInventories = Not GivenTotal Current Liabilities = $33.06 billionQuick Ratio = ($52.94 billion – Inventories) / $33.06 billion= Not possible to calculate without knowing the inventory value.Therefore, the quick ratio of Apple is Not possible to calculate without knowing the inventory value.Answer:Current Ratio = 1.6:1Quick Ratio = Not possible to calculate without knowing the inventory value.