Recon

The following information applies to the questions displayed below.) Starfruit Inc., headquartered in Ridgway, Colorado, 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 Starfruits (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September. STARFRUIT INC. CONSOLIDATED BALANCE SHEET September 272014 (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 $ 13,924 1,297 17,559 2122 24,007 68,909 130,880 20,737 12.592 $ 233118 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 ($0.0001 per value) Additional paid-in capital Retained earnings Total stockholders equity Total liabilities and shareholders equity $ 30363 18,555 8,539 6,343 63.800 29,148 28,010 120,958 23,912 88,247 12160 S 233118 Assume that the following transactions (in millions) occurred during the next fiscal year (encing on September 26, 2015) a. Borrowed $18,279 from banks due in two years b . Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. G. Purchased property, plantand equipmentpaid $9,584 in cash and signed a short-term note for $1,422. d. Issued additional shares of common stock for $1481 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,021 for $19,021 cash f. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year

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The following information applies to the questions displayed below.) Starfruit Inc., headquartered in Ridgway, Colorado, 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 Starfruit’s (simplified) balance sheet from a recent year (fiscal year ending on the last Saturday of September. STARFRUIT INC. CONSOLIDATED BALANCE SHEET September 272014 (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 $ 13,924 1,297 17,559 2122 24,007 68,909 130,880 20,737 12.592 $ 233118 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 ($0.0001 per value) Additional paid-in capital Retained earnings Total stockholders’ equity Total liabilities and shareholders’ equity $ 30363 18,555 8,539 6,343 63.800 29,148 28,010 120,958 23,912 88,247 12160 S 233118 Assume that the following transactions (in millions) occurred during the next fiscal year (encing on September 26, 2015) a. Borrowed $18,279 from banks due in two years b . Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. G. Purchased property, plantand equipmentpaid $9,584 in cash and signed a short-term note for $1,422. d. Issued additional shares of common stock for $1481 in cash; total par value was $1 and the rest was in excess of par value. e. Sold short-term investments costing $19,021 for $19,021 cash f. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year

Expert Answer

 

The T-Accounts are prepared as below:

Cash
Beg. Bal. 13,924
a) 18,279 22,200 b)
d) 1,481 9,584 c)
e) 19,021
End. Bal. $20,921

_____

Short Term Investments
Beg. Bal. 11,297
b) 17,760 19,021 e)
End. Bal. $10,036

_____

Accounts Receivable
Beg. Bal. 17,559
End. Bal. $17,559

_____

Inventories
Beg. Bal. $2,122
End. Bal. $2,122

_____

Other Current Assets
Beg. Bal. 24,007
End. Bal. $24,007

_____

Long Term Investments
Beg. Bal. 130,880
b) 4,440
End. Bal. $135,320

_____

Property Plant and Equipment
Beg. Bal. 20,737
c) 11,006
End. Bal. $31,743

_____

Other Noncurrent Assets
Beg. Bal. 12,592
End. Bal. $12,592

_____

Accounts Payable
Beg. Bal. 30,363
End. Bal. $30,363

_____

Accrued Expenses
Beg. Bal. 18,555
End. Bal. $18,555

_____

Unearned Revenue
Beg. Bal. 8,539
End. Bal. $8,539

_____

Short Term Notes Payable
Beg. Bal. 6,343
1,422 c)
End. Bal. $7,765

_____

Dividends Payable
Beg. Bal.
11,138 f)
End. Bal. $11,138

_____

Long Term Debt
Beg. Bal. 29,148
18,279 a)
End. Bal. $47,427

_____

Other Noncurrent Liabilities
Beg. Bal. 28,010
End. Bal. $28,010

_____

Common Stock
Beg. Bal. 1
1 d)
End. Bal. $2

_____

Additional Paid-in Capital
Beg. Bal. 23,912
1,480 d)
End. Bal. $25,392

_____

Retained Earnings
Beg. Bal. 88,247
f) 11,138
End. Bal. $77,109

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