Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Line following information applies to the questions displayed below. Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal

image text in transcribed

Line following information applies to the questions displayed below. 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 $ 13,994 Short-term investments 11,353 Accounts receivable 17,644 Inventories 2,130 Other current assets 24,096 Total current assets 69,217 Long-term investments 131,466 Property, plant, and equipment, net 20,831 other noncurrent assets 12,650 Total assets $ 234,164 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 30,5e1 Accrued expenses 18,641 Unearned revenue 8,581 Short-term notes payable 6,372 Total current liabilities 64, 295 Long-term debt 29,284 other noncurrent liabilities 28, 139 Total liabilities 121,518 Stockh ders' equity: Common stock ($0.69001 per value) 1 Additional paid in capital 24,912 Retained earnings 87,733 Total stockholders' equity 112,646 Total liabilities and shareholders' equity $234,164 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,293 from banks due in two years. b. Purchased additional Investments for $23,600 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,600 in cash and signed a short-term note for $1,438. d. Issued additional shares of common stock for $1,498 In cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term Investments costing $19,035 for $19,035 cash. f. Declared $11,154 in dividends to be paid at the beginning of the next fiscal year. P2-5 Part 3 3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.)

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

Payroll Accounting 2019

Authors: Bernard J. Bieg, Judith A. Toland

29th Edition

1337619779

More Books

Students also viewed these Accounting questions