Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my Mango Inc, headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices. personal computers, and portable digital music players and

image text in transcribed
image text in transcribed
Check my 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 $ 14,234 Short-term investments 11,385 Accounts receivable 17,693 Inventories 2,135 Other current assets 24,152 Total current assets 69, 399 Long-term investments 131,812 Property, plant, and equipment, net 20,886 Other noncurrent assets 12,684 Total assets $ 234,781 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 30,582 Accrued expenses 18,691 Unearned revenue 8,685 Short-term notes payable 6,389 Total current liabilities 64,267 Long-term debt 29, 363 29, 363 25,214 121,844 Long-tern debt Other noncurrent liabilities Total liabilities Stockholders' equity! Common stock (50.60001 per value) Additional paid in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 1 25,412 87,524 112,937 $234,781 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018) a. Borrowed $21,302 from banks due in two years. b. Purchased additional investments for $21,300 cash one-fifth were long term and the rest were short term. c Purchased property, plant, and equipment paid $9,608 in cash and signed a short-term note for $1.445 d. Issued additional shares of common stock for $1,505 in cash: total par value was $1 and the rest was in excess of par value e Sold short-term investments costing $19,043 for $19.043 cash. Declared $11,160 in dividends to be paid at the beginning of the next fiscal year. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis

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

The Reward And Benefits Audit

Authors: Michael Armstrong

1st Edition

1907766081, 978-1907766084

More Books

Students also viewed these Accounting questions

Question

Integrate oral citations of your sources into your speech.

Answered: 1 week ago