Question

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$ 14,084 11,425 17,755 2,142 24,231 69,637 132, 264 20,957 12,728 $ 235,586 MANGO INC. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) ASSETS Current assets: Cash 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 $ 30,687 18,755 8,635 6,411 64,488 29,464 28,310 122,262 1 25,712 87,611 113,324 $235,586 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): a. Borrowed $18,309 from banks due in two years. b. Purchased additional investments for $25,000 cash; one-fifth were long term and the rest were short term. c. Purchased property, plant, and equipment; paid $9,615 in cash and signed a short-term note for $1,454. d. Issued additional shares of common stock for $1,513 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,050 for $19,050 cash. f. Declared $11,169 in dividends to be paid at the beginning of the next fiscal year.

Answer 1

Solution :

	Debit	Credit
Cash	$ 18,341
Short Term Investment	$ 12,375
Account Receivable	$ 17,755
Inventories	$ 2,142
Other Current Assets	$ 24,231
Long Term Investment	$ 137,264
Property, Plant, and Equipment	$ 32,026
Other non current assets	$ 12,728
Account Payable		$ 30,687
Accrued Expenses		$ 18,755
Unearned Revenue		$ 8,635
Short Term Note Payable		$ 7,865
Long Term Debt		$ 47,773*
Other Non Current Liabilities		$ 28,310
Common Stock		$ 2**
Additional paid in capital		$ 27,224***
Retained Earning		$ 76,442
Dividend Payable		$ 11,169
Totals	$ 256,862	$ 256,862

*Long Term Debt = $ 29,464 + $ 18,309 = $ 47,773.

**Common Stock = $ 1 + $ 1 (news issued) = $ 2

***Additional Paid In Capital = $ 25,712 + $ 1,512 (news issued) = $ 27,224

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