CHY 1. P2.5 (Algo) Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio 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 HANGO THE CONSOLIDATED BALANCE SHEET September 10, 2017 ASSETS lars is allo) Current Cash Short-term investment Mccounts receivable Interior Other care Total restante Long-term invest Property, plant, and it Other current ste LEABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Lecounts payable Meerved op Onearned reven short notes payable Total current Habilities Long-term debt other boncurest labilities 14,114 11,69 11, 12 2.146 20.336 332, 20,99 12 that 31.10 3.653 29,524 28.157 Financial Ratio Assignment Suvad 1 3.5 Current Liabilities: Accounts payable Accrued expenses Unearned revenue Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 30,749 18,793 8,653 6,424 64,619 29,524 28,367 122,510 points eBook Print References 25,912 82,637 113,550 $236. 060 Assume that the following transactions in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21,315 from banks due in two years. b. Purchased additional investments for $22,500 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,621 in cash and signed a short-term note for $1,458. d. Issud additional shares of common stock for $1,517 in cash; total par value was $1 and the rest was in excess of par value e. Sold short-term investments costing $19,055 for $19,055 cash. f. Declared $11,175 in dividends to be paid at the beginning of the next fiscal year. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis N Prey 1 of 1 !!! Next > Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21,315 from banks due in two years. b. Purchased additional investments for $22.500 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,621 in cash and signed a short-term note for $1.458. d. Issued additional shares of common stock for $1,517 in cash; total par value was $1 and the rest was in excess of par valu e. Sold short-term investments costing $19,055 for $19,055 cash. f. Declared $11,175 in dividends to be paid at the beginning of the next fiscal year. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare journal entries to record the transactions listed in (a) through (1). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger Trial Balance tab - Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute Mango's current ratio for the year ending on September 29, 2018. Requirement General Journal > Financial Ratio Assignment Sarved 1 View transaction list 3.5 points Journal entry worksheet Ratio Assignment Saved Help Save & Exit Check my MANGO, INC. Trial Balance (in millions) September 29, 2018 Account Title Debit Credit s 14,114 17,792 2,146 11449 24 276 132,530 20.999 12,754 Cash Accounts receivable Inventories Short-term investments Other current assets Long-term investments Property, plant and equipment Other noncurrent assets Accounts payable Accrued expenses Uneamed revenue Short-term notes payable Long-term debt Other noncurrent liabilities Common stock Additional paid-in-capital Retained earnings Total 30.749 18,793 8,653 6,424 29,524 28,367 1 25,912 87.637 236,060 $ 236,060 $ Ratio Assignment i Saved MANGO, INC. Balance Sheet At September 29, 2018 (in millions) Assets Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Current Liabilities: Prey 1 of 1 Total assets Liabilities and Stockholders' Equity Current Liabilities: Total current liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21,315 from banks due in two years. b. Purchased additional investments for $22.500 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,621 in cash and signed a short-term note for $1.458. d. Issued additional shares of common stock for $1,517 in cash; total par value was $1 and the rest was in excess of par valu e. Sold short-term investments costing $19,055 for $19,055 cash. f. Declared $11,175 in dividends to be paid at the beginning of the next fiscal year. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare journal entries to record the transactions listed in (a) through (1). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger Trial Balance tab - Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute Mango's current ratio for the year ending on September 29, 2018. Requirement General Journal > Financial Ratio Assignment Sarved 1 View transaction list 3.5 points Journal entry worksheet Ratio Assignment Saved Help Save & Exit Check my MANGO, INC. Trial Balance (in millions) September 29, 2018 Account Title Debit Credit s 14,114 17,792 2,146 11449 24 276 132,530 20.999 12,754 Cash Accounts receivable Inventories Short-term investments Other current assets Long-term investments Property, plant and equipment Other noncurrent assets Accounts payable Accrued expenses Uneamed revenue Short-term notes payable Long-term debt Other noncurrent liabilities Common stock Additional paid-in-capital Retained earnings Total 30.749 18,793 8,653 6,424 29,524 28,367 1 25,912 87.637 236,060 $ 236,060 $ Ratio Assignment i Saved MANGO, INC. Balance Sheet At September 29, 2018 (in millions) Assets Current assets: Total current assets Total assets Liabilities and Stockholders' Equity Current Liabilities: Prey 1 of 1 Total assets Liabilities and Stockholders' Equity Current Liabilities: Total current liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity