Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.) Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media

image text in transcribedimage text in transcribed

Required information [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 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 $ 14,054 11,401 17,718 2,138 24,186 69, 497 131,998 20,915 12,702 $ 235, 112 $ 30,625 18,717 8,617 6,398 64, 357 29,404 28, 253 122.014 Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity 1 25,512 87,585 113,098 $ 235,112 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,304 from banks due in two years. b. Purchased additional investments for $24,500 cash; one-fifth were long term and the rest were short term. C. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. d. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,045 for $19,045 cash. f. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. 3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.)

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

The Sixth International Congress On Accounting 1952

Authors: Various

1st Edition

0367512807, 9780367512804

More Books

Students also viewed these Accounting questions

Question

Is there any difference between Y and a predicted score for Y ?

Answered: 1 week ago