Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help due soon! Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music

please help due soon!
image text in transcribed
image text in transcribed
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). $ 14,084 11,425 17,755 2,142 24,231 69,637 132, 264 20,957 12,728 $ 235,586 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 $ 30,687 18,755 8,635 6,411 64,488 29,464 28,310 122,262 1 25,712 87,611 113,324 $ 235,586 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,309 from banks due in two years. b. Purchased additional investments for $25,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,615 in cash and signed a short-term note for $1,454. d. Issued additional shares of common stock for $1,513 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,050 for $19,050 cash. f. Declared $11,169 in dividends to be paid at the beginning of the next fiscal year. 2. Posteach transaction to the appropriate accounts (Enter your answers in millions) Beg Bal 16.00 Desa 114 End End Bal 14.00 Account Receive 17.755 Endel Long term Other Current Assets 24231 End 24231 Endel Other None Property Plant and Equipment 20.957 End. But Accounts Payable ORT Acopes 1.7 End 30.687 End . Untamed Revenue End 8.65 Dividends Payable Lengte End 2016 Other Noncurs Commons 2010 Endal 28.310 En Additional Paid in Capital 25.712 bes. Bu 25.712

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions