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 $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Assume that the following transactions
fin
$ 14,024
11,377
17,681
2,134
24,141
69,357
131,732
20,873
12,676
$234,638
$ 30,563
18,679
8,599
6,385
64,226
29,344
28,196
121,766
1
25,212
87,659
112,872
$234,638
Transcribed Image Text: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 Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018):
a. Borrowed $18,299 from banks due in two years.
b. Purchased additional investments for $24,100 cash; one-fifth were long term and the rest were short term.
Purchased property, plant, and equipment; paid $9,605 in cash and signed a short-term note for $1,443.
d. Issued additional shares of common stock for $1,503 in cash; total par value was $1 and the rest was in excess of par
value.
e. Sold short-term investments costing $19,040 for $19,040 cash.
f. Declared $11,158 in dividends to be paid at the beginning of the next fiscal year.
P2-5 Part 3
3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.)
Assets
MANGO, INC.
Trial Balance
(in millions)
4. Prepare a classified balance sheet for Mango at September 29, 2018, based on these transactions. (Enter your answers in millions.)
MANGO, INC.
Balance Sheet
(in millions)
Debit
Liabilities and stockholders' equity
$
0
Credit
5. Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.)
Answer is complete but not entirely correct.
Current ratio
1.07
Transcribed Image Text:Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,299 from banks due in two years. b. Purchased additional investments for $24,100 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,605 in cash and signed a short-term note for $1,443. d. Issued additional shares of common stock for $1,503 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,040 for $19,040 cash. f. Declared $11,158 in dividends to be paid at the beginning of the next fiscal year. P2-5 Part 3 3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.) Assets MANGO, INC. Trial Balance (in millions) 4. Prepare a classified balance sheet for Mango at September 29, 2018, based on these transactions. (Enter your answers in millions.) MANGO, INC. Balance Sheet (in millions) Debit Liabilities and stockholders' equity $ 0 Credit 5. Compute Mango's current ratio for the year ending on September 29, 2018. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Current ratio 1.07
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