Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please complete the general Ledger P2-5 (Algo) Recording Transactions, Preparing Journal Entrles, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current

image text in transcribedimage text in transcribed

Can you please complete the general Ledger

P2-5 (Algo) Recording Transactions, Preparing Journal Entrles, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratlo LO2-2, 2-4, 2-5 (GL) Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices. personal computers, and portable digital music players and sells a variety of related software and services. The following is Mango's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash $ 13,864 Short-term investments 11, 249 Accounts receivable 17,485 Inventories 2,114 Other current assets 23,917 Total current assets 68,629 Long-term investments 130,348 Property, plant, and equipment, net 20,653 Other noncurrent assets 12, 540 Total assets $ 232,170 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 30,239 Accrued expenses 18,479 Unearned revenue 8,503 Short-term notes payable 6, 317 Total current liabilities 63,538 Long-term debt 29,028 Other noncurrent liabilities 27,896 Total liabilities 120,462 Stockholders' equity: Common stock ($9.68801 per value) 1 Additional paid-in capital 23,512 Retained earnings 88, 195 Total stockholders' equity 111,798 Total liabilities and shareholders' equity $232,170 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21.268 from banks due in two years. b. Purchased additional investments for $18,200 cash; one-fifth were long term and the rest were short term. C. Purchased property, plant, and equipment: paid $9.573 in cash and signed a short-term note for $1,413. d. Issued additional shares of common stock for $1.472 in cash: total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19.010 for $19.010 cash. f. Declared $11,129 in dividends to be paid at the beginning of the next fiscal year. Requirement General Joumal General Ledger Trial Balance Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. General Ledger Account Cash Accounts receivable No. Debit Credit No. Debit Credit Date Sep 20, 2018 Balance 13.864 Date Sep 29, 2018 Balance 17.485 u. Issucu CuUILIUTICI SI IQICS UI LUITUTION SLULA IUI 1.412 HIT LASIT, LULOI par voiuc WOS DICITU LIIC ICSL WOS III CALCSSUI par VIUC. e. Sold short-term investments costing $19.010 for $19.010 cash. f. Declared $11,129 in dividends to be paid at the beginning of the next fiscal year. Requirement General Joumal General Ledger Trial Balance Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. General Ledger Account Cash Accounts receivable No. Debit Credit No. Debit Credit Date Sep 29, 2018 Balance 13,864 Date Sep 29, 2018 Balance 17,485 Inventories Short-term investments Debit Credit No. Debit Credit No. Date Sep 29, 2018 Balance 2,114 Date Sep 20, 2018 Balance 11,249 Other current assets Debit Credit Long-term investments Debit Credit No. No. Date Sep 29, 2018 Balance 23,917 Date Sep 29, 2018 Balance 130,348 No. Property, plant and equipment Date Debit Credit Sep 29, 2018 Balance No. Other noncurrent assets Date Debit Credit Sep 20, 2018 Balance 12.540 20,653 Accounts payable Accrued expenses No. Debit Credit No. Debit Credit Date Sep 29, 2018 Balance 30,239 Date Sep 20, 2018 Balance 18,470 Unearned revenue Short-term notes payable No. Debit Credit No. Debit Credit Date Sep 29, 2018 Balance 8.503 Date Sep 29, 2018 Balance 6,317 Long-term debt Other noncurrent liabilities No. Debit Credit No. Date Debit Credit Date Sep 29, 2018 Balance 29,028 Balance 27.898 Sep 29, 2018 Common stock No. Debit Credit Balance No. Date Sep 20, 2018 Additional paid-in-capital Date Debit Credit Sep 29, 2018 Balance 23,512 Retained earnings Debit Credit No. Date Sep 20, 2018 Balance 88,195

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

NHS Audit Committee Handbook Practical Guides

Authors: Governance And Audit Committee

3rd Edition

1904624839, 978-1904624837

More Books

Students also viewed these Accounting questions

Question

Discuss the benefits and drawbacks of EDI.

Answered: 1 week ago

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago