Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal 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). ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories $13,964 11,329 17,607 2,126 Other current assets 24,051 Total current assets 69,077 Long-term investments 131,200 Property, plant, and equipment, net 20,789 Other noncurrent assets 12,624 Total assets $233,690 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,439 Accrued expenses 18,603 Unearned revenue Short-term debt 8,563 6,359 Total current liabilities 63,964 29,224 28,082 121,270 1 24,612 87,807 112,420 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 Total liabilities and shareholders' equity $233,690 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,289 from banks due in two years. b. Purchased additional investments for $23,200 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,594 in cash and signed a short-term note for $1,433. d. Issued additional shares of common stock for $1,492 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,030 for $19,030 cash. f. Declared $11,148 in dividends to be paid at the beginning of the next fiscal year. Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21,306 from banks due in two years. b. Purchased additional investments for $21,800 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. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare journal entries to record the transactions listed in (a) through (f). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab- Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute Mango's current ratio for the year ending on September 29, 2018. Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personal 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). ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (dollars in millions) ASSETS Current assets: Cash Short-term investments Accounts receivable Inventories $13,964 11,329 17,607 2,126 Other current assets 24,051 Total current assets 69,077 Long-term investments 131,200 Property, plant, and equipment, net 20,789 Other noncurrent assets 12,624 Total assets $233,690 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,439 Accrued expenses 18,603 Unearned revenue Short-term debt 8,563 6,359 Total current liabilities 63,964 29,224 28,082 121,270 1 24,612 87,807 112,420 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 Total liabilities and shareholders' equity $233,690 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,289 from banks due in two years. b. Purchased additional investments for $23,200 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,594 in cash and signed a short-term note for $1,433. d. Issued additional shares of common stock for $1,492 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,030 for $19,030 cash. f. Declared $11,148 in dividends to be paid at the beginning of the next fiscal year. Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $21,306 from banks due in two years. b. Purchased additional investments for $21,800 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. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare journal entries to record the transactions listed in (a) through (f). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab- Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute Mango's current ratio for the year ending on September 29, 2018.
Expert Answer:
Answer rating: 100% (QA)
Lets recalculate the general funds fund balance at December 31 corr... View the full answer
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
Students also viewed these accounting questions
-
Which of the following statements is correct regarding a work sheet and the adjustment process? Adjusting journal entries are prepared from the Adjusted Trial Balance columns. Adjusting journal...
-
Prove Theorem 2.2.2 on page 71. The only if direction is direct from the definition of independence on page 68. For the if direction, use induction on the value of j in the definition of...
-
In section 11.2.4 we indicated that the noise-whitening filter Ap(z) for a causal AR(p) process is a forward linear prediction-error filter of order p. Show that the backward linear prediction-error...
-
Is there a cluster of physical ecological circumstances that can be identified as relevant to all stakeholders? List and relate them to the respective stakeholders.
-
Data on the average size of a soda (in ounces) at all 30 major league baseball parks are as follows: 14, 18, 20, 16, 16, 12, 14, 16, 14, 16, 16, 16, 14, 32, 16, 20, 12, 16, 20, 12, 16, 16, 24, 16,...
-
9) Magic International has launched a new article of fabric for the winter season. Promotion campaign took place by one of the famous marketing group of the region. It Page 6 of 8 has been expected...
-
Discuss the benefits of using ChatGPT to support your learning and professional development. How can you use it to help you with your schoolwork while still benefiting from your assignments? Evaluate...
-
How does the program below demonstrate abstraction? b. If the keyword abstraction were deleted from line 2 would the program still compile? If C. it compiles, does it produce the same output? If the...
-
what ways does the concept of the "unreliable narrator" contribute to narrative complexity and reader engagement in postmodern literature? Cite specific examples from prominent works in the genre .
-
You are assigned to check whether the relative version of the purchasing power parity holds. Using data provided to you for the period 1971-2021 (see Excel file), prepare a brief report on the...
-
At April 30, partners' capital balances in DES Company are: Dexter $44,000. Emley $26,000, and Sigle $24,000. The income-sharing ratios are 5:3:2, respectively. On May 1, the DESW Company is formed...
-
A flat plate with surface area of 4.4 m is sliding on a horizontal table with 4.5 mm thick oil layer on top. Force applied on the plate in the direction of movement is 5.2 N. Dynamic viscosity of the...
-
If the test statistic is 2.79 for a two-sided t-test for the difference in two means for which n1 = 13, n2 = 17, s1 = 7, and s2 = 5, what's the p-value?
Study smarter with the SolutionInn App