Tesla, Inc., designs, develops, manufactures, sells, and leases fully electric vehicles, energy generation and storage systems, and
Question:
Tesla, Inc., designs, develops, manufactures, sells, and leases fully electric vehicles, energy generation and storage systems, and service related to its products. The following is a simplified list of accounts and amounts reported in recent financial statements. The accounts have normal debit or credit balances, and the dollars are rounded to the nearest million. The fiscal year ends on December 31.
Required:
1. Prepare an adjusted trial balance at December 31.
2. How did you determine the amount for accumulated deficit (from net losses)?
Accounts payable Accounts receivable Accrued liabilities Accumulated deficit (from net losses) Accumulated depreciation Additional paid-in capital Automotive cost of revenues Automotive revenues Cash Common stock Computer equipment Current lease liabilities Customer deposits Customer notes receivable (noncurrent) Deferred revenue Energy generation cost of revenues Energy generation revenues $ 3,771 1,324 3,222 ? 3,734 14,228 Land and buildings 16,398 20,821 6,514 Equipment Intangible assets 1 595 1,785 726 393 Interest expense Interest income Inventory Long-term lease liabilities Operating lease right-of-use assets Other assets Other long-term liabilities Other operating expenses Prepaid expenses and other current assets Provision for income taxes (income tax expense) Research and development expenses 1,163 Selling, general, and administrative expenses 1,341 Services cost of revenues 1,531 Services revenues $ 9,747 537 685 89 3,552 3,788 11,634 3,665 9,662 3,898 149 713 110 1,343 2,646 2,770 2,226
Step by Step Answer:
Req 1 Req 2 Since debits are supposed to equal credits in a trial balance the balance ...View the full answer
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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