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.) 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). ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable. Inventories $14,114 11,449 17,792 2,146 Other current assets 24,276 Total current assets 69,777 Long-term investments 132,530 Property, plant, and equipment, net 20,999 Other noncurrent assets 12,754 Total assets $236,060 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,749 Accrued expenses 18,793 Unearned revenue Short-term debt 8,653 6,424 Total current liabilities 64,619 Long-term debt Other noncurrent liabilities Total liabilities: Stockholders' equity: 29,524 28,367 122,510