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a. Borrowed $18,287 from banks due in two years. b. Purchased additional investments for $23,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,591 in cash and signed a short-term note for $1,430. d. Issued additional shares of common stock for $1,489 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,028 for $19,028 cash. f. Declared $11,146 in dividends to be paid at the beginning of the next fiscal year. 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 2,125 Other current assets 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 8,557 Short-term debt 6,355 Total current liabilities 63,923 29,205 28,064 121,192 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 1 24,412 87,942 112,355 $233,547 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):

a. Borrowed $18,287 from banks due in two years. b. Purchased additional investments for $23,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,591 in cash and signed a short-term note for $1,430. d. Issued additional shares of common stock for $1,489 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,028 for $19,028 cash. f. Declared $11,146 in dividends to be paid at the beginning of the next fiscal year. 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 2,125 Other current assets 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 8,557 Short-term debt 6,355 Total current liabilities 63,923 29,205 28,064 121,192 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 1 24,412 87,942 112,355 $233,547 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):

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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a. Borrowed $18,287 from banks due in two years. b. Purchased additional investments for $23,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,591 in cash and signed a short-term note for $1,430. d. Issued additional shares of common stock for $1,489 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,028 for $19,028 cash. f. Declared $11,146 in dividends to be paid at the beginning of the next fiscal year.
Transcribed Image Text:a. Borrowed $18,287 from banks due in two years. b. Purchased additional investments for $23,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,591 in cash and signed a short-term note for $1,430. d. Issued additional shares of common stock for $1,489 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,028 for $19,028 cash. f. Declared $11,146 in dividends to be paid at the beginning of the next fiscal year.
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 2,125 Other current assets 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 8,557 Short-term debt 6,355 Total current liabilities 63,923 29,205 28,064 121,192 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 1 24,412 87,942 112,355 $233,547 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):
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 2,125 Other current assets 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 8,557 Short-term debt 6,355 Total current liabilities 63,923 29,205 28,064 121,192 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 1 24,412 87,942 112,355 $233,547 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):
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