Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26,2020 ): a. Borrowed $18,312 from banks due in

image text in transcribed
image text in transcribed
image text in transcribed
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26,2020 ): a. Borrowed $18,312 from banks due in two years. b. Purchased additional investments for $25,200cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,618 in cash and signed a short-term note for $1,456. d. Issued additional shares of common stock for $1,515 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,052 for $19,052 cash. f. Declared $11,172 in dividends to be paid at the beginning of the next fiscal year. Required: 5. Compute Orange's current ratio on September 26, 2020. Note: Round your answer to 2 decimal places. Orange incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Draw a schematic diagram of I.C. engines and name the parts.

Answered: 1 week ago