ASSETS Current assets: Cash ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (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 re enue Short-term debt Total current liabilities 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 $13,974 11,337 17,619 2,127 24,062 69,119 131,280 20,802 12,632 $233,833 $30,458 18,615 8,569 6,363 64,005 29,243 28,100 121,348 1 24,812 87,672 112,485 $233,833

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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ASSETS
Current assets:
Cash
ORANGE INCORPORATED
CONSOLIDATED BALANCE SHEET
September 28, 2019
(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 debt
Total current liabilities
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
$13,974
11,337
17,619
2,127
24,062
69,119
131,280
20,802
12,632
$233,833
$30,458
18,615
8,569
6,363
64,005
29,243
28,100
121,348
1
24,812
87,672
112,485
$233,833
Transcribed Image Text:ASSETS Current assets: Cash ORANGE INCORPORATED CONSOLIDATED BALANCE SHEET September 28, 2019 (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 debt Total current liabilities 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 $13,974 11,337 17,619 2,127 24,062 69,119 131,280 20,802 12,632 $233,833 $30,458 18,615 8,569 6,363 64,005 29,243 28,100 121,348 1 24,812 87,672 112,485 $233,833
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):
a. Borrowed $18,291 from banks due in two years.
b. Purchased additional investments for $23,400 cash; one-fifth were long term and the rest were short term.
c. Purchased property, plant, and equipment; paid $9,597 in cash and signed a short-term note for $1,435.
d. Issued additional shares of common stock for $1,495 in cash; total par value was $1 and the rest was in excess of par
value.
e. Sold short-term investments costing $19,032 for $19,032 cash.
f. Declared $11,151 in dividends to be paid at the beginning of the next fiscal year.
P2-5 Part 3
Required:
3. Prepare a trial balance at September 26, 2020.
Note: Enter your answers in millions.
ORANGE INCORPORATED
Trial Balance
Assets
(in millions)
Debit
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
(in millions)
Credit
0
Transcribed Image Text:Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): a. Borrowed $18,291 from banks due in two years. b. Purchased additional investments for $23,400 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,597 in cash and signed a short-term note for $1,435. d. Issued additional shares of common stock for $1,495 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,032 for $19,032 cash. f. Declared $11,151 in dividends to be paid at the beginning of the next fiscal year. P2-5 Part 3 Required: 3. Prepare a trial balance at September 26, 2020. Note: Enter your answers in millions. ORANGE INCORPORATED Trial Balance Assets (in millions) Debit 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 (in millions) Credit 0
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