Recent balance sheets are provided for Twitter, Inc., a global platform for real-time public self-expression and...

  

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Recent balance sheets are provided for Twitter, Inc., a global platform for real-time public self-expression and conversation. (In thousands, unless otherwise specified) ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable Prepaid expenses and other current assets Total current assets Property and equipment, net Intangible assets. TWITTER, INC. CONSOLIDATED BALANCE SHEETS Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued and other current liabilities Capital leases, short-term Total current liabilities Notes payable Capital leases, long-term Other long-term liabilities Total liabilities Stockholders' equity: Common stock ($0.000005 par value) Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Dec. 31, 2017 $ $ $ 1,638,413 2,764,689 664,268 254,514 5,321,884 773,715 1,238,589 78,289 7,412,477 170,969 327,333 84,976 583,278 1,627,460 81,308 73,213 2,365,259 4 7,750,522 (2,703,308) 5,047,218 7,412,477 Dec. 31, 2016 988,598 2,785,981 650,650 226,967 4,652,196 783,901 1,280,649 153,619 $ 6,870,365 $ 122,236 380,937 80,848 584,021 1,538,967 66,837 75,605 2,265,430 4 7,224,534 (2,619,603) 4,604,935. $ 6,870,365 Required: 1. Is Twitter a corporation, sole proprietorship, or partnership? 2. Use the company's balance sheet to determine the amounts in the accounting equation (A = L + SE) at the end of the most recent year. 3. Calculate the company's current ratio on December 31, 2017, and on December 31, 2016. 4. Prepare the journal entry the company will make in 2018 when it pays its 2017 accounts payable due at year-end. 5. Does the company appear to have been profitable over its years in business? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry the company will make in 2018 when it pays its 2017 accounts payable due at year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list No 1 Date 2020 View journal entry worksheet Cash General Journal Debit Credit ******** Ⓒ ****** Recent balance sheets are provided for Twitter, Inc., a global platform for real-time public self-expression and conversation. (In thousands, unless otherwise specified) ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable Prepaid expenses and other current assets Total current assets Property and equipment, net Intangible assets. TWITTER, INC. CONSOLIDATED BALANCE SHEETS Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued and other current liabilities Capital leases, short-term Total current liabilities Notes payable Capital leases, long-term Other long-term liabilities Total liabilities Stockholders' equity: Common stock ($0.000005 par value) Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Dec. 31, 2017 $ $ $ 1,638,413 2,764,689 664,268 254,514 5,321,884 773,715 1,238,589 78,289 7,412,477 170,969 327,333 84,976 583,278 1,627,460 81,308 73,213 2,365,259 4 7,750,522 (2,703,308) 5,047,218 7,412,477 Dec. 31, 2016 988,598 2,785,981 650,650 226,967 4,652,196 783,901 1,280,649 153,619 $ 6,870,365 $ 122,236 380,937 80,848 584,021 1,538,967 66,837 75,605 2,265,430 4 7,224,534 (2,619,603) 4,604,935. $ 6,870,365 Required: 1. Is Twitter a corporation, sole proprietorship, or partnership? 2. Use the company's balance sheet to determine the amounts in the accounting equation (A = L + SE) at the end of the most recent year. 3. Calculate the company's current ratio on December 31, 2017, and on December 31, 2016. 4. Prepare the journal entry the company will make in 2018 when it pays its 2017 accounts payable due at year-end. 5. Does the company appear to have been profitable over its years in business? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry the company will make in 2018 when it pays its 2017 accounts payable due at year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list No 1 Date 2020 View journal entry worksheet Cash General Journal Debit Credit ******** Ⓒ ******