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). $ 14,054 11,401 17,718 2,138 24,186 69, 497 131,998 20,915 12,702 $ 235,112 MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY 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 $ 30,625 18,717 8,617 6,398 64,357 29,404 28, 253 122,014 1 25,512 87,585 113,098 $ 235,112 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Assume that the following transactions in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,304 from banks due in two years. b. Purchased additional investments for $24,500 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. d. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,045 for $19,045 cash. f. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. Journal entry worksheet Record the purchase of property, plant and equipment by paying $9,610 cash and signing a short-term note for $1,448. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 6 > Record the issuance of additional shares for $1,507 cash; total par value was $1 and the rest was in excess of par value. Note: Enter debits before credits. General Journal Debit Credit Transaction d Record entry Clear entry View general Journal Journal entry worksheet Record the sale of short-term investments costing $19,045 for $19,045 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general Journal Journal entry worksheet
