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P2-5 (Algo) Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO2-2, 2-4, 2-5

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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	$13,944
Short-term investments	11,313
Accounts receivable	17,583
Inventories	2,124
Other current assets	24,029
Total current assets	68,993
Long-term investments	131,040
Property, plant, and equipment, net	20,763
Other noncurrent assets	12,608
Total assets	$233,404
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities:
Accounts payable	$30,401
Accrued expenses	18,579
Unearned revenue	8,551
Short-term debt	6,351
Total current liabilities	63,882
Long-term debt	29,186
Other noncurrent liabilities	28,046
Total liabilities	121,114
Stockholders equity:
Common stock ($0.00001 par value)	1
Additional paid-in capital	24,312
Retained earnings	87,977
Total stockholders equity	112,290
Total liabilities and shareholders' equity	$233,404

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

Borrowed $18,284 from banks due in two years.

Purchased additional investments for $22,700 cash; one-fifth were long term and the rest were short term.

Purchased property, plant, and equipment; paid $9,589 in cash and signed a short-term note for $1,427.

Issued additional shares of common stock for $1,487 in cash; total par value was $1 and the rest was in excess of par value.

Sold short-term investments costing $19,026 for $19,026 cash.

Declared $11,143 in dividends to be paid at the beginning of the next fiscal year.

P2-5 Part 4

Required:

4. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions.

Note: Enter your answers in millions.

Orange Incorporated - Balance Sheet

At September 26, 2020

(in millions)

Assets
Current Assets
Cash
Short-term investments
Account receivable
inventories
other current assets
Total current assts
long term investments
plant, equipment, property
other noncurrent assets
Total asset
Total stockholders equity
Total liabilities and stockholders' equity

Please finish filling up both side