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Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The
Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September).
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):
- Borrowed $18,284 from banks due in two years.
- Purchased additional investments for $22,700 cash; one-fifth were long term and the rest were short term.
- Purchased property, plant, and equipment; paid $9,589 in cash and signed a short-term note for $1,427.
- Issued additional shares of common stock for $1,487 in cash; total par value was $1 and the rest was in excess of par value.
- Sold short-term investments costing $19,026 for $19,026 cash.
- Declared $11,143 in dividends to be paid at the beginning of the next fiscal year.
ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28,2019 (dollars in millions) ASSETS \begin{tabular}{lr} Current assets: & \\ Cash & $13,944 \\ Short-term investments & 11,313 \\ Accounts receivable & 17,583 \\ Inventories & 2,124 \\ Other current assets & 24,029 \\ Total current assets & 68,993 \\ Long-term investments & 131,040 \\ Property, plant, and equipment, net & 20,763 \\ Other noncurrent assets & 12,608 \\ Total assets & $233,404 \\ \hline \hline \end{tabular} LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue Short-term debt Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities stockholders' equity: Common stock (\$0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $30,40118,5798,5516,35163,88229,18628,046121,114 124,31287,977112,290$233,404 \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ ORANGE INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ Trial Balance } \\ \hline \multicolumn{2}{|c|}{ (in millions) } \\ \hline & & \\ \hline Cash & & \\ \hline Short-term investments & & \\ \hline Accounts receivable & & \\ \hline Inventories & & \\ \hline Other current assets & & \\ \hline Long-term investments & & \\ \hline Property, plant, and equipment, net & & \\ \hline Other noncurrent assets & & \\ \hline Accounts payable & & \\ \hline Accrued expenses & & \\ \hline Unearned revenue & & \\ \hline Short-term debt & & \\ \hline Dividends payable & & \\ \hline Long-term debt & & \\ \hline Other noncurrent liabilities & & \\ \hline Common stock & & \\ \hline Additional paid-in-capital & & \\ \hline Retained earnings & & \\ \hline & & \\ \hline Totals & & \\ \hline \end{tabular}
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