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 (GL) Mango Inc., headersartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers and portable digital music players and sells a varlety 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) MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollar in millions) ASSETS Current assets $ 13,99 11.353 17,644 2,130 24,096 69,217 131,466 20,831 12.650 $234,164 Short-term investments Accounts receivable Inventories Other current sets 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 Habilities Stockholders' equity! Connon stock (50.60001 per value) $ 30,501 18.641 8,51 6,2 64,095 29,284 6,372 64,095 29,284 28,139 121,518 Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity! Common stock (50.60001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 1 24,912 87,733 112,646 $234, 164 Assume that the following transactions in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21293 from banks due in two years, b. Purchased additional Investments for $20600 cash, one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment, paid $9,600 in cash and signed a short-term note for $1,438. d 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. e Sold short-term investments costing $19,035 for $19,035 cash. 1. Declared $11154 in dividends to be paid at the beginning of the next fiscal year. General Requirement General Journal Trial Balance Balance Sheet Ledger Analysis General Journal tab - Prepare journal entries to record the transactions listed in (a) through (1). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each Journal entry is posted automatically to the General Ledger. Trial Balance tab - Your choice will determine the reported values on the financial statement tabs Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute Mango's current ratio for the year ending on September 29, 2018