Question
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
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 Mangos (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 | $ | 30,501 | |
Accrued expenses | 18,641 | ||
Unearned revenue | 8,581 | ||
Short-term notes payable | 6,372 | ||
Total current liabilities | 64,095 | ||
Long-term debt | 29,284 | ||
Other noncurrent liabilities | 28,139 | ||
Total liabilities | 121,518 | ||
Stockholders equity: | |||
Common stock ($0.00001 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):
- Borrowed $18,293 from banks due in two years.
- Purchased additional investments for $23,600 cash; one-fifth were long term and the rest were short term.
- Purchased property, plant, and equipment; paid $9,600 in cash and signed a short-term note for $1,438.
- 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.
- Sold short-term investments costing $19,035 for $19,035 cash.
- Declared $11,154 in dividends to be paid at the beginning of the next fiscal year.
3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.)
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