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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 Short-term investments Accounts receivable Inventories $13,954 11,321 17,595 Other current assets 2,125 24,040 Total current assets 69,035 Long-term investments 131,120 Property, plant, and equipment, net 20,776 Other noncurrent assets 12,616 Total assets $233,547 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,420 Accrued expenses 18,591 Unearned revenue Short-term debt 8,557 6,355 Total current liabilities 63,923 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 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): 29,205 28,064 121,192 1 24,412 87,942 112,355 $233,547 Journal entry worksheet < 1 2 3 4 5 6 Record the $18,287 loan from banks due in two years. Note: Enter debits before credits. Transaction a General Journal Debit Credit View general journal Record entry Clear entry く

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 Short-term investments Accounts receivable Inventories $13,954 11,321 17,595 Other current assets 2,125 24,040 Total current assets 69,035 Long-term investments 131,120 Property, plant, and equipment, net 20,776 Other noncurrent assets 12,616 Total assets $233,547 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,420 Accrued expenses 18,591 Unearned revenue Short-term debt 8,557 6,355 Total current liabilities 63,923 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 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): 29,205 28,064 121,192 1 24,412 87,942 112,355 $233,547 Journal entry worksheet < 1 2 3 4 5 6 Record the $18,287 loan from banks due in two years. Note: Enter debits before credits. Transaction a General Journal Debit Credit View general journal Record entry Clear entry く

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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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 Short-term investments Accounts receivable Inventories $13,954 11,321 17,595 Other current assets 2,125 24,040 Total current assets 69,035 Long-term investments 131,120 Property, plant, and equipment, net 20,776 Other noncurrent assets 12,616 Total assets $233,547 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,420 Accrued expenses 18,591 Unearned revenue Short-term debt 8,557 6,355 Total current liabilities 63,923 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 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): 29,205 28,064 121,192 1 24,412 87,942 112,355 $233,547
Transcribed Image Text: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 Short-term investments Accounts receivable Inventories $13,954 11,321 17,595 Other current assets 2,125 24,040 Total current assets 69,035 Long-term investments 131,120 Property, plant, and equipment, net 20,776 Other noncurrent assets 12,616 Total assets $233,547 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $30,420 Accrued expenses 18,591 Unearned revenue Short-term debt 8,557 6,355 Total current liabilities 63,923 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 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): 29,205 28,064 121,192 1 24,412 87,942 112,355 $233,547
Journal entry worksheet < 1 2 3 4 5 6 Record the $18,287 loan from banks due in two years. Note: Enter debits before credits. Transaction a General Journal Debit Credit View general journal Record entry Clear entry く
Transcribed Image Text:Journal entry worksheet < 1 2 3 4 5 6 Record the $18,287 loan from banks due in two years. Note: Enter debits before credits. Transaction a General Journal Debit Credit View general journal Record entry Clear entry く
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