Facebook, Inc., is a publicly held corporation and issued its financial statements for 2015 earlier in 2016.
Question:
Facebook, Inc. Consolidated trial balance (adapted for classroom use) As of December 31, 2015
Debit Credit Cash and cash equivalents $ 4,907 - debit
Marketable securities 13,527 - debit
Accounts receivable, net 2,559 - debit
Prepaid and other expenses 659- debit
Property and equipment
net 5,687 - debit
Intangible assets, net 3,246 - debit
Other long-term assets 18,822 - debit
Accounts payable $ 196 - credit
Other current liabilities 1,729 - credit
Capital lease obligations, long-term 107 - credit
Other long-term liabilities 3,157 - credit
Common stock and other 34,431 - credit
Beginning retained earnings 6,099 - credit
Net revenues 17,928 - credit
Expenses 11,703 - debit
Other expenses and adjustments 2,537 - debit
Totals $ 63,647- debit $ 63,647 - credit
Question
(Calculate each of the following totals using Facebook’s trial balance) 1. Current assets 2. Total assets 3. Current liabilities 4. Total liabilities 5. Net income 6. Ending retained earnings 7. Total stockholders’ equity 8. Write Facebook’s accounting equation as of December 31, 2015.
Principles of Accounting
ISBN: 9780077300456
1st edition
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton