The Coca-Cola Co., which last week bowed to consumer demands to remarket the original formula Coca-Cola soft drink, yesterday reported higher earnings for the second quarter of 1985.

Also reporting increased earnings for the most recent quarter are ABC, Union Pacific, U S West and Philip Morris. Meanwhile, Apple Computer and Dow Chemical posted quarterly losses.

Minneapolis-based General Mills Inc. posted a fourth-quarter loss of $108.5 million.

*Atlanta-based Coca-Cola Co. reported that earnings per share increased 7.1 percent to $1.50 in the second quarter, compared with $1.40 a share in the year-previous period. Net income rose 6 percent to $196 million.

For the first half of 1985, earnings per share rose 6.6 percent to $2.58, and net income rose 4.4 percent to $337 million.

*American Broadcasting Cos. said its profit edged up 1 percent in the second quarter but fell 4 percent for the first six months of the year.

The company, which is in the process of merging with Capital Cities Communications Inc., said net income for the three months ended June 29 was $73.1 million ($2.51 a share), compared with $72.45 million ($2.49) in the same period last year. Revenue rose 0.2 percent to $856 million from $854 million.

For the first six months of the year, ABC said net income totaled $92.5 million ($3.18), compared with $96.3 million ($3.30) a year earlier. Half-year revenue declined 2 percent to $1.65 billion from $1.69 billion.

*Apple Computer reported that a major reorganization of its business pushed it into a $17.2 million loss during its fiscal third quarter, which ended June 28.

The loss was a sharp turnaround from the comparable period last year, when Apple had profits of $18.3 million. The firm, based in Cupertino, Calif., lost 28 cents a share, compared with a profit of 30 cents a year ago. Sales dropped to $374.9 million this year from $422.1 million in 1984.

Apple, which reported last month it expected losses, said it cost $40.3 million to reorganize its operations by faster depreciation of plant and equipment, canceling leases and offering layoff pay. Three of the firm's six plants were closed, with 1,200 employes affected.

*Midland, Mich.-based Dow Chemical Co. reported second-quarter earnings of $155 million, 16.7 percent below the same quarter last year, on sales that were nearly flat.

Dow's net income in the three months ended June 30 totaled 81 cents per share of common stock, compared with $186 million (96 cents) in the year-ago period.

For the first half of 1985, Dow's profits totaled $265 million ($1.39 a share), down 16.7 percent from the $318 million ($1.63) earned in the same period last year.

*Union Pacific Corp., the railroad and energy concern, reported from New York that its second-quarter earnings increased 3 percent, primarily on higher railroad profits and improved refinery results.

In the April-June quarter, Union Pacific earned $132.2 million ($1.10 a share), up from $128.4 million ($1.04) in the second quarter last year. Revenue dropped 2.4 percent to $1.96 billion, versus $2.01 billion.

*U S West reported second-quarter earnings of $242.4 million ($2.53 a share), up from $203.4 million during the same quarter a year ago, company officials said yesterday. Total revenue for the quarter was $1.95 billion, an increase of 7.9 percent over the same period last year.

For the six months ended June 30, the firm reported $439.8 million in net income ($4.58) on total revenue of $3.8 billion, compared with $406 million in net income ($4.23) on revenue of $3.56 billion for the first six months of 1984.

*Paced by increased sales of cigarettes that offset a decline in beverage businesses, Philip Morris Cos. Inc. reported a 25 percent increase in profits for the second quarter and the first half.

Philip Morris earned $321.7 million ($2.68 a share) in the second quarter, up from $257.3 million ($2.10) in 1984. Sales were $3.7 billion in the quarter, up 3 percent from $3.6 billion last year.

*General Mills is in the midst of a major corporate restructuring, converting itself into primarily a consumer foods and restaurant company. For the full year, the company reported a loss of $72.9 million, compared with profits of $233.4 million ($4.98) a year earlier.