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[The following information applies to the questions displayed below.] Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones computers, tablets, wearables, and
[The following information applies to the questions displayed below.] Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones computers, tablets, wearables, and accessories, and sells a variety of related services. The following is Orange's (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September). ASSETS Current assets: Cash ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions). Short-term investments Accounts receivable Inventories $13,904 11,281 17,534 2,119 Other current assets 23,973 Total current assets 68,811 Long-term investments 130,694 Property, plant, and equipment, net 20,708 Other noncurrent assets 12,574 Total assets $232,787 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,320 Accrued expenses 18,529 Total current liabilities Unearned revenue Short-term debt Long-term debt. Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity 8,527 6,334 63,710 29,107 27,971 120,738 1 23,812 88,186 111,999 Total liabilities and shareholders' equity $232,787 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): 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. 3 ces Required information 1. Prepare a journal entry for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the $18,277 loan from banks due in two years. Note: Enter debits before credits. Transaction. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 ped ook sk int ences Record the purchase of additional investments for $21,900 cash with one-fifth being long-term and the balance being short-term. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general Journal 1 of 5 kipped eBook View transaction list Journal entry worksheet < 1 2 4 5 6 Record the purchase of property, plant, and equipment by paying $9,581 cash and signing a short-term note for $1,420. Ask Print Note: Enter debits before credits. Transaction C eferences General Journal Debit Credit Record entry Clear entry View general journal
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