Details about a companys liabilities appear in a number of places in the annual report. Use Amazon.coms

Question:

Details about a company’s liabilities appear in a number of places in the annual report. Use Amazon.com’s financial statements, including Note 1, to answer the following questions. Amazon’s financial statements are in Appendix A at the end of this book.
Requirements
1. Give the breakdown of Amazon’s current liabilities at December 31, 2009. Give the January 2010 entry to record the payment of accrued expenses and other current liabilities that Amazon owed at December 31, 2009. (Please assume the entire balance of this item represents accrued expenses.)
2. At December 31, 2009, how much did Amazon report for unearned revenue that Amazon had collected in advance? Which account on the balance sheet reports this liability?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

Question Posted: