year (ending on September 26, 2020): Borrowed $18,277 from banks due in two years. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420. Issued additional shares of common stock for $1,479 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,019 for $19,019 cash. Declared $11,135 in dividends to be paid at the beginning of the next fiscal year. 1. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. Note: Enter your answers in millions. Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets smartphones, personalcomputers, 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).ASSETSCurrent assets:CashORANGE INCORPORATEDCONSOLIDATED BALANCE SHEETSeptember 28, 2019(dollars in millions)Short-term investmentsAccounts receivableInventories$13,90411,28117,5342,119Other current assets23,973Total current assets68,811Long-term investments130,694Property, plant, and equipment, net20,708Other noncurrent assets12,574Total assets$232,787LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$30,320Accrued expenses18,529Unearned revenueShort-term debt8,5276,334Total current liabilities63,710Long-term debtOther noncurrent liabilitiesTotal liabilitiesStockholders' equity:Common stock ($0.00001 par value)Additional paid-in capitalRetained earningsTotal stockholders' equityTotal liabilities and shareholders' equityAssume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020):29,10727,971120,788123,81288,186111,999$232,787

Balance sheet is a statement that shows the financial position of the entity to its stockholders by…

Answered: ASSETS Current assets: Cash ORANGE…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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year (ending on September 26, 2020): Borrowed $18,277 from banks due in two years. Purchased additional investments for $21,900 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,581 in cash and signed a short-term note for $1,420. Issued additional shares of common stock for $1,479 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,019 for $19,019 cash. Declared $11,135 in dividends to be paid at the beginning of the next fiscal year. 1. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. Note: Enter your answers in millions.

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).
ASSETS
Current assets:
Cash
ORANGE INCORPORATED
CONSOLIDATED BALANCE SHEET
September 28, 2019
(dollars in millions)
Short-term investments
Accounts receivable
Inventories
$13,904
11,281
17,534
2,119
Other current assets
23,973
Total current assets
68,811
Long-term investments
130,694
Property, plant, and equipment, net
20,708
Other noncurrent assets
12,574
Total assets
$232,787
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$30,320
Accrued expenses
18,529
Unearned revenue
Short-term debt
8,527
6,334
Total current liabilities
63,710
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):
29,107
27,971
120,788
1
23,812
88,186
111,999
$232,787

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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