Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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:
Students also viewed these law questions
-
Apple Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a...
-
Refer to P2-5. Apple Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players...
-
The following summarized data (amounts in millions) are taken from the September 30, 2017, and September 24, 2016, comparative financial statements of Apple Inc., a company that designs,...
-
Rainfall of magnitude 3.8cm and 2.8cm occurring on two consecutive 4-h durations on a catchment of area 27km produced the following hydrograph of flow at the outlet of the catchment. Estimate the...
-
M Company had a retained earnings balance of $4,200 on June 30, 2010. For the fiscal year ended June 30, 2011, sales were $24,000 and expenses were $12,500. Cash dividends of $2,500 were declared and...
-
The Balance of Payments (BOP) measures all international transactions between two countries. The chart below shows six different transactions between the US and China. United States China Purchased...
-
The rigid beam is supported by a pin at A and two steel wires, each having a diameter of 4 mm. If the yield stress for the wires is y = 530 MPa, and E st = 200 GPa, determine (a) the intensity of...
-
Mels Male Accessories sells wallets and money clips. Historically, the firms sales have averaged three wallets for every money clip. Each wallet has an $8 contribution margin , and each money clip...
-
(a) Apply your linear regression model using gradient descent to find the best fit of the data given by: x = np.array([ 0., 1.66666667, 3.33333333, 5.0, 6.66666667, 8.33333333, 10.0, 11.66666667,...
-
Your city recently won the bid to host its first NCAA Final Four men's basketball championship. Part of the costs of hosting the event were paid from a tax fund created to attract major events. A...
-
Develop an effective criminal justice organization through the use of organization improvement techniques.
-
Discuss the Extraversion aspect of the five factor model of personality.
-
LaSandra. Let us extend the application of game theory to the workplace. Assume that you are a manager. Assume that many of the personnel working for or under you wanted to request an increase in...
-
. Johnson Industries finances its projects with 4 0 % debt and 1 0 % preferred stock and 5 0 % common stock. The company issues bonds at a yield of to maturity of 8 . 4 % . The cost of preferred...
-
Write a summary on this social psychology research paper. including the following elements: -describe the study's purpose (hypothesis or research question explored) -Describe the type of research...
-
Today, an oil producer signs a contract to sell refinery RR 80,000 barrels of crude oil in 6 months at the spot price on that day. RR decides to hedge using NYMEX futures for delivery in 7 months...
-
The IOU Inc recently took a note on a property for $150,000. The interest is 6% and the monthly payment is $2,000 Prepare the first year's amortization table. Payment # 1 2 3 Etc. Payment $2,000...
-
What is the back work ratio? What are typical back work ratio values for gas-turbine engines?
-
Refer to E3-10. E3-10 Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account...
-
The following accounts are used by Britt's Knits, Inc. Required: For each of the following nine independent situations, prepare the journal entry by entering the appropriate code(s) and amount(s)....
-
The following account balances were selected from the records of Cascade Company at the end of the fiscal year after all adjusting entries were completed: Common stock ($0.01 par value; 200,000...
-
Make an energy diagram for gas B in Figure 20.4. Figure 20.4 When gases of different temperatures are placed in thermal contact, energy is transferred thermally from the hotter to the cooler gas...
-
Suppose you were to play the two film clips shown in Figure 20.7 backward. Would the resulting processes be possible? Figure 20.7 Quasistatic versus non-quasistatic expansion of a cylin- der...
-
(a) What are the SI units of \(Q\) ? (b) For the process depicted in Figure 20.2a, make an energy diagram for each of these systems: (i) water, pot, and flame; (ii) pot and flame; (iii) pot. Figure...
Study smarter with the SolutionInn App