Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal...
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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 Current assets: Cash MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) 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: Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 14,074 11,417 17,743 2,141 24, 220 69,595 132,184 20,944 12,720 $ 235,443 $ 30,668 18,743 8,629 6,407 64,447 29,445 28,292 122,184 1 25,612 87,646 113,259 $ 235,443 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,306 from banks due in two years. b. Purchased additional investments for $24,800 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,612 in cash and signed a short-term note for $1,451. d. Issued additional shares of common stock for $1,510 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,047 for $19,047 cash. f. Declared $11,166 in dividends to be paid at the beginning of the next fiscal year. 4. Prepare a classified balance sheet for Mango at September 29, 2018, based on these transactions. (Enter your answers in millions.) Assets Current assets: Cash MANGO, INC. Balance Sheet ********................ (in millions) Short-term investments Accounts receivable Inventories Other current assets Liabilities and stockholders' equity $ $ 0 0 0 0 0 0 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 Current assets: Cash MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) 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: Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 14,074 11,417 17,743 2,141 24, 220 69,595 132,184 20,944 12,720 $ 235,443 $ 30,668 18,743 8,629 6,407 64,447 29,445 28,292 122,184 1 25,612 87,646 113,259 $ 235,443 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,306 from banks due in two years. b. Purchased additional investments for $24,800 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,612 in cash and signed a short-term note for $1,451. d. Issued additional shares of common stock for $1,510 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,047 for $19,047 cash. f. Declared $11,166 in dividends to be paid at the beginning of the next fiscal year. 4. Prepare a classified balance sheet for Mango at September 29, 2018, based on these transactions. (Enter your answers in millions.) Assets Current assets: Cash MANGO, INC. Balance Sheet ********................ (in millions) Short-term investments Accounts receivable Inventories Other current assets Liabilities and stockholders' equity $ $ 0 0 0 0 0 0
Expert Answer:
Answer rating: 100% (QA)
Cash Beg Bal 14074 14074 Long term debt 18306 32380 Short term investment 19840 12540 Long term investment 4960 7580 Property Plant and equipment 9612 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
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