Required information 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). MANGO INC. CONSOLIDATED BALANCE SHEET ASSETS September 30, 2017 (dollars in millions) Current assets: Cash Short-term investments Accounts receivable Inventories $ 14,104 11,441 17,780 2,145 Other current assets 24,265 Total current assets 69,735 Long-term investments 132,450 Property, plant, and 20,986 equipment, net Other noncurrent assets Total assets 12,746 $235,917 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 30,730 Accrued expenses 18,781 Unearned revenue 8,647 Short-term notes payable 6,420 Total current 64,578 liabilities Long-term debt 29,505 Other noncurrent 28,349 liabilities Total liabilities 122,432 Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings 1 25,812 87,672 113,485 Total liabilities and $235,917 Total stockholders' equity shareholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,312 from banks due in two years. b. Purchased additional investments for $25,200 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,618 in cash and signed a short-term note for $1,456. d. Issued additional shares of common stock for $1,515 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,052 for $19,052 cash. f. Declared $11,172 in dividends to be paid at the beginning of the next fiscal year. P2-5 Part 5 5. Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Current ratio