|
MANGO INC. |
|||
|
ASSETS |
|||
|
Current assets: |
|||
|
Cash |
$ |
14,054 |
|
|
Short-term investments |
11,401 |
||
|
Accounts receivable |
17,718 |
||
|
Inventories |
2,138 |
||
|
Other current assets |
24,186 |
||
|
Total current assets |
69,497 |
||
|
Long-term investments |
131,998 |
||
|
Property, plant, and equipment, net |
20,915 |
||
|
Other noncurrent assets |
12,702 |
||
|
Total assets |
$ |
235,112 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||
|
Current Liabilities: |
|||
|
Accounts payable |
$ |
30,625 |
|
|
Accrued expenses |
18,717 |
||
|
Unearned revenue |
8,617 |
||
|
Short-term notes payable |
6,398 |
||
|
Total current liabilities |
64,357 |
||
|
Long-term debt |
29,404 |
||
|
Other noncurrent liabilities |
28,253 |
||
|
Total liabilities |
122,014 |
||
|
Stockholders’ equity: |
|||
|
Common stock ($0.00001 per value) |
1 |
||
|
Additional paid-in capital |
25,512 |
||
|
Retained earnings |
87,585 |
||
|
Total stockholders’ equity |
113,098 |
||
|
Total liabilities and shareholders' equity |
$ |
235,112 |
|
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018):
- Borrowed $18,304 from banks due in two years.
- Purchased additional investments for $24,500 cash; one-fifth were long term and the rest were short term.
- Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448.
- Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value.
- Sold short-term investments costing $19,045 for $19,045 cash.
- Declared $11,163 in dividends to be paid at the beginning of the next fiscal year.
2. Post each transaction to the appropriate
T-accounts (Enter your answers in millions.)
Homework Answers
| Mango Inc. | ||||
| Journal entries | ||||
| Date | Account | Debit | Credit | Calculation |
| a | Cash | $ 18,304 | ||
| Long-term debt | $ 18,304 | |||
| b | Long-term investments | $ 4,900 | =24,500*1/5 | |
| Short-term investments | $ 19,600 | =24,500-4,900 | ||
| Cash | $ 24,500 | |||
| c | Property, plant, and equipment, net | $ 11,058 | ||
| Cash | $ 9,610 | |||
| Short-term notes payable | $ 1,448 | |||
| d | Cash | $ 1,507 | ||
| Common Stock | $ 1 | |||
| Additional paid-in capital | $ 1,506 | =1,507-1 | ||
| e | Cash | $ 19,045 | ||
| Short-term investments | $ 19,045 | |||
| f | Retained Earnings | $ 11,163 | ||
| Dividends Payable | $ 11,163 | |||
Add Answer to:
MANGO INC.
CONSOLIDATED BALANCE SHEET
September 30, 2017
(dollars in millions)
ASSETS
Current assets:
Cash
$...
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