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 [The 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). ASSETS Current assets: Cash MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions). Short-term investments Accounts receivable Inventories $ 13,974 11,337 17,619 2,127 Other current assets 24,062 69,119 Long-term investments 131,280 Property, plant, and equipment, net 20,802 Other noncurrent assets 12,632 $233,833 Total current 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 $ 30,458 18,615 8,569 6,363 64,005 29,243 28,100 121,348 1 24,812 87,672