Required Information

P$2-5($Algo$)$ Recording Transactions, Preparing Journal Entries, Posting to T$-$Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO$2-2,2-4,2-5$

$[$The following information applies to the questions displayed below.$]$

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$).$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{\backslash$begin$\{$tabular$\}\{$l$\}$

CONSOLIDATED BALANCE SHEET $\backslash \backslash$

September $28,2019\backslash \backslash$

$($dollars in millions$)$

$\backslash$end$\{$tabular$\}\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$ASSETS$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Current assets:$\}\backslash \backslash$

$\backslash$hline Cash & $\backslash (\backslash$$ $13,994\backslash )\backslash \backslash$

$\backslash$hline Short$-$term investments & $11,353\backslash \backslash$

$\backslash$hline Accounts receivable & $17,644\backslash \backslash$

$\backslash$hline Inventories & $2,130\backslash \backslash$

$\backslash$hline Other current assets & $24,096\backslash \backslash$

$\backslash$hline Total current assets & $69,217\backslash \backslash$

$\backslash$hline Long$-$term investments & $131,466\backslash \backslash$

$\backslash$hline Property, plant, and equipment, net & $20,831\backslash \backslash$

$\backslash$hline Other noncurrent assets & $12,650\backslash \backslash$

$\backslash$hline Total assets & $\backslash (\backslash$$ $234,164\backslash )\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$LIABILITIES AND STOCKHOLDERS' EQUITY$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Current Liabilities:$\}\backslash \backslash$

$\backslash$hline Accounts payable & $\backslash (\backslash$$ $30,501\backslash )\backslash \backslash$

$\backslash$hline Accrued expenses & $18,641\backslash \backslash$

$\backslash$hline Unearned revenue & $8,581\backslash \backslash$

$\backslash$hline Short$-$term debt & $6,372\backslash \backslash$

$\backslash$hline Total current liabilities & $64,095\backslash \backslash$

$\backslash$hline Long$-$term debt & $29,284\backslash \backslash$

$\backslash$hline Other noncurrent liabilities & $28,139\backslash \backslash$

$\backslash$hline Total liabilities & $121,518\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Stockholders$\text{'}$ equity:$\}\backslash \backslash$

$\backslash$hline Common stock $(\backslash$$$0\mathrm{.}00001$ par value$)$ & $1\backslash \backslash$

$\backslash$hline Additional paid$-$in capital & $24,912\backslash \backslash$

$\backslash$hline Retained earnings & $87,733\backslash \backslash$

$\backslash$hline Total stockholders' equity & $112,646\backslash \backslash$

$\backslash$hline Total liabilities and shareholders' equity & $\backslash (\backslash$$ $234,164\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Assume that the following transactions $($in millions$)$ occurred during the next fiscal year $($ending on September $26,2020)$:

a$.$ Borrowed $\backslash (\backslash$$ $18,293\backslash )$ from banks due in two years.

b$.$ Purchased additional investments for $\backslash (\backslash$$ $23,600\backslash )$ cash; one$-$fifth were long term and the rest were short term.

c$.$ Purchased property, plant, and equipment; paid $\backslash (\backslash$$ $9,600\backslash )$ in cash and signed a short$-$term note for $\backslash$$$1,438.$

d$.$ Issued additional shares of common stock for $\backslash (\backslash$$ $1,498\backslash )$ in cash; total par value was $\backslash (\backslash$$ $1\backslash )$ and the rest was in excess of par value.

e$.$ Sold short$-$term investments costing $\backslash (\backslash$$ $19,035\backslash )$ for $\backslash (\backslash$$ $19,035\backslash )$ cash.

f$.$ Declared $\backslash (\backslash$$ $11,154\backslash )$ in dividends to be paid at the beginning of the next fiscal year. $4.$ Prepare a classified balance sheet for Orange at September $26,2020,$ based on these transactions.

Note: Enter your answers In milllons.