[The following information applies to the questions displayed below.] Apple Incorporated, headquartered in Cupertino, Califomla, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Apple's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). APPLE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (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, not Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses $ 48,844 51,713 22,926 4,106 35.230 162,819 105,341 37,378 32,978 $ 338,516 $ 46,236 43,700 Unearned revenue Short-term debt Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings 5,522 10,260 105,718 91,807 50,503 248,028 1 45,173 45,314 90,488 $ 338,516 Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,266 from banks due in two years. b. Purchased additional Investments for $21,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,571 in cash and signed a short-term note for $1,410. d. Issued additional shares of common stock for $1,469 In cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $18,810 for $18,810 cash. f. Declared $11,126 in dividends to be paid at the beginning of the next fiscal year. Cash Short-term Investments Debit Credit Debit Credit Beginning Balance 48,844 Beginning Balance 51,713 (a) (b) 18,266 21,000 4,200 (b) (b) 16,800 18.810(e) 16,800 (b) (d) 1 9,571 (c) (d) 1,468 1,410 (c) Ending Balance 49,703 (e) 18,810 Ending Balance 76,408 Accounts Receivable Debit 22,926 Beginning Balance Ending Balance 22,926 Debit Beginning Balance Ending Balance Debit Beginning Balance Other Current Assets 35,230 35,230 Inventories Credit Credit Debit Beginning Balance 4,106 Ending Balance 4,106 Long-term Investments Credit Debit Credit Beginning Balance 105,341 Property, Plant, and Equipment 37,378 Ending Balance 37,378 Ending Balance Credit Debit Beginning Balance 105,341 Other Noncurrent Assets 32,978 Ending Balance 32,978 Credit Accounts Payable Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Credit 46,236 46,236 Unearned Revenue Debit Beginning Balance Ending Balance Accrued Expenses Credit 43,700 43,700 Short-term Debt Credit Debit Credit 5,522 Beginning Balance 10,260 5,522 Ending Balance 10,260 Dividends Payable Long-term Debt Debit Credit Debit Credit Beginning Balance 91,807 Beginning Balance Ending Balance Debit Beginning Balance Ending Balance 91,807 Other Noncurrent Liabilities Common Stock Credit Debit Credit 50,503 Beginning Balance 1(d) Ending Balance 50,503 Ending Balance 2 Debit Beginning Balance Additional Paid-in Capital Credit Debit 45,173 Beginning Balance Retained Earnings 45,314 Credit 11,126 (f) Ending Balance 45,173 Ending Balance 56,440