3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.) Cash Short-term investments Accounts receivable Inventories Other current assets Long-term investments Property, plant and equipment Other noncurrent assets Accounts payable Accrued expenses Unearned revenue Short-term notes payable Long-term debt Other noncurrent liabilities Dividends payable Common stock Additional paid-in capital Retained earnings Totals MANGO, INC. Trial Balance (in millions) $ Debit 0 $ Credit 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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P2-5 Part 3
3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.)
Cash
Short-term investments
Accounts receivable
Inventories
Other current assets
Long-term investments
Property, plant and equipment
Other noncurrent assets
Accounts payable
Accrued expenses
Unearned revenue
Short-term notes payable
Long-term debt
Other noncurrent liabilities
Dividends payable
Common stock
Additional paid-in capital
Retained earnings
Totals
MANGO, INC.
Trial Balance
(in millions)
$
Debit
S
Credit
0
Transcribed Image Text:P2-5 Part 3 3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.) Cash Short-term investments Accounts receivable Inventories Other current assets Long-term investments Property, plant and equipment Other noncurrent assets Accounts payable Accrued expenses Unearned revenue Short-term notes payable Long-term debt Other noncurrent liabilities Dividends payable Common stock Additional paid-in capital Retained earnings Totals MANGO, INC. Trial Balance (in millions) $ Debit S Credit 0
Required Information
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
[The following information applies to the questions displayed below.]
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
DE D
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 (se.ee001 per value)
Additional paid-in capital
Retained earnings
Total stockholders' equity
Total liabilities and shareholders' equity
$ 13,904
11,281
17,534
2,119
23,973
68,811
130,694
20,708
12,574
$ 232,787
$ 30,320
18,529
8,527
6,334
63,710
29,107
27,971
120,788
1
23,812
88, 186
111,999
$232,787
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018):
a. Borrowed $18,277 from banks due in two years.
b. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term.
c. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420.
d. Issued additional shares of common stock for $1,479 in cash; total par value was $1 and the rest was in excess of par
value.
e. Sold short-term investments costing $19,019 for $19.019 cash.
f. Declared $11,135 in dividends to be paid at the beginning of the next fiscal year.
Transcribed Image Text:Required Information 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 [The following information applies to the questions displayed below.] 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 DE D 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 (se.ee001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 13,904 11,281 17,534 2,119 23,973 68,811 130,694 20,708 12,574 $ 232,787 $ 30,320 18,529 8,527 6,334 63,710 29,107 27,971 120,788 1 23,812 88, 186 111,999 $232,787 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,277 from banks due in two years. b. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420. d. Issued additional shares of common stock for $1,479 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,019 for $19.019 cash. f. Declared $11,135 in dividends to be paid at the beginning of the next fiscal year.
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