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). ASSETS MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Current assets: Cash Short-term investments Accounts receivable Inventories Total current assets $ 13,904 11,281 17,534 2,119 Other current assets 23,973 68,811 Long-term investments 130,694 Property, plant, and equipment, 20,708 net Other noncurrent assets 12,574 Total assets $232,787 EQUITY LIABILITIES AND STOCKHOLDERS' Current Liabilities: Accounts payable $ 30,320 Accrued expenses 18,529 Unearned revenue 8,527 Short-term notes payable 6,334 Total current liabilities 63,710 Long-term debt 29,107 Other noncurrent liabilities 27,971 Total liabilities 120,788 Stockholders' equity: Common stock ($0.00001 per 1 value) Additional paid-in capital 23,812 Retained earnings 88,186 Total stockholders' equity 111,999 Total liabilities and $232,787 shareholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,277 from banks due in two years. b. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420. d. Issued additional shares of common stock for $1,479 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,019 for $19,019 cash. f. Declared $11,135 in dividends to be paid at the beginning of the next fiscal year. P2-5 Part 4 4. Prepare a classified balance sheet for Mango at September 29, 2018, based on these transactions. (Enter your answers in millions.) MANGO, INC. Balance Sheet (in millions) Assets