Mango Inc., headquartered in Cupertino, California, designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players and sells a variety of related software and services. The following is Mango’s (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September).
MANGO INC.
CONSOLIDATED BALANCE SHEET
September 30, 2017
(dollars in millions)
ASSETS Current assets: Cash $ 13,974 Short-term investments 11,337 Accounts receivable 17,619 Inventories 2,127 Other current assets 24,062 Total current assets 69,119 Long-term investments 131,280 Property, plant, and equipment, net 20,802 Other noncurrent assets 12,632 Total assets $ 233,833 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 30,458 Accrued expenses 18,615 Unearned revenue 8,569 Short-term notes payable 6,363 Total current liabilities 64,005 Long-term debt 29,243 Other noncurrent liabilities 28,100 Total liabilities 121,348 Stockholders’ equity: Common stock ($0.00001 per value) 1 Additional paid-in capital 24,812 Retained earnings 87,672 Total stockholders’ equity 112,485 Total liabilities and shareholders' equity $ 233,833 Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018):
Borrowed $18,291 from banks due in two years.
Purchased additional investments for $23,400 cash; one-fifth were long term and the rest were short term.
Purchased property, plant, and equipment; paid $9,597 in cash and signed a short-term note for $1,435.
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.
Sold short-term investments costing $19,032 for $19,032 cash.
Declared $11,151 in dividends to be paid at the beginning of the next fiscal year.
3. Prepare a trial balance for the period ended September 29, 2018. (Enter your answers in millions.)