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31-Dec-19 1.799,082 4,839.970 TWITTER.INC CONSOLIDATED BALANCE SHEETS (In thousands) ASSETS 31-Dec-18 Current assets: Cash and cash equivalents 1.194.444 Short-term investments 4354957 Accounts receivable, net of allowance for doubtlul accounts of 53,550 and $2,401 as of 31-Dec-18 and 31-Dec-19 respectively 788.700 Prepaid expenses and other current assets 112.935 Total current assets 7,111,036 Property and equipment, net 385,078 Intangible assets 45.025 Goodwill 1.227.269 Other assets 35.705 TOTAL ASSETS 9,354,113 850.134 130.839 7,620,075 1,031,781 56.100 1.256,690 134 547 10.098.208 The Company records accounts receivable at the invoiced amount. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectie receivable amounts. In evaluating the Company's ability to collect outstanding receivable balances, the Company considers various factors including the age of the balance, the creditworthiness of the customer which is assessed based on ongoing credit evaluations and payment history and the customer's current francial condition 1. (1 point) How much money in thousands) do customers owe Twitter as of Dec-31-2019 for the services performed by Twitter? To put it differently, what is the total value of unpaid invoices as of Dec 31-197 a 850.184 b. 788.700 C 7.620.075 d852585 . 10.098.208 Use this Fact Set for Questions 2-7: The retailing giants, Best Buy Co. Inc. (NYSE BY Amazon.com, Inc. (NASDAQ: AMZN and Target Corporation (NYSE: Eachuse different inventory costing method. Best Buyses weighted average cost Amazon FIFO, and Target Uses LIFO. As you will see from the hypothetical example below the use of a different inventory costing method will lead to differences in income statements and balance sheets Best Buy, Amazon and Target sell a popular T-shirt for 20. Lesture that are companies have the same sale and inventory purchase pattern for the same period Beginning inventory 20,000 54.00 Purchases: 30.000 55.00 Ending inventory 10.000 2 (0.5 point) How many T-shirts were sold by each detailor curing the period? a 10.000 T-shirts t. 20.000T-shirts C 30.000 T-shirts d. 40.000 T-shirts (0.7 point) What is cost of goods sold gross profit and cost of ending invertory for Best Use this Fact Set for Questions 2-7 Three retailing giants, Best Buy Co., Inc. (NYSE BBY). Amazon.com, Inc. (NASDAQ: AMZN), and Target Corporation (NYSE TGT) each use a different inventory costing method. Best Buy uses weighted average cost. Amazon uses FiFO, and Target uses LIFO. As you will see from the hypothetical example below, the use of a different inventory costing method will lead to differences in income statements and balance sheets Best Buy, Amazon and Target sell a popular T-shirt for $20. Let's assume that all three companies have the same sale and inventory purchase pattern for the same period. Beginning inventory: 20,000 @ 54.00 Purchases: 30,000 @ $5.00 Ending inventory 10,000 2. (0.5 point) How many T-shirts were sold by each retailer during the period? a. 10,000 T-shirts b. 20.000 T-shirts 30.000 T-shirts d. 40.000 T-shirts 3 (0.7 point) What is cost of goods sold, gross profit and cost of ending inventory for Best Buy using the weighted average inventory costing method? a. $180,000 $620,000 $50,000 $190.000 5610.000 540.000 c. $184.000 $616,000: 546,000 d $150,000 $680,000 $62,000 4 10.7 point) What is cost of goods sold, gross profit and cost of ending inventory for Amazon using the FIFO inventory costing method? a $180.000 $620.000 $50,000 b. $190,000 $610,000 $40,000 c. $184,000, 5616,000 $46,000 d. $150,000 $680,000 $62.000 5 (0.7 point) What is cost of goods sold, gross profit and cost of ending inventory for Target using the LIFO inventory costing method? a $180.000 $620.000 $50,000 b. $190,000 $610,000 $40.000 $184.000 $616,000 $46,000 d. $150,000 $680,000 $62,000 6.0.7 point) Which company has the highest gross profit (profitability) simply due to its choice of accounting inventory method? a. Best Buy b. Amazon C Target d. Gross profit was the same for all of the companies, since they sold the same amount shirts for the same price as well as they pay the same price for their inventory 7. (07 point) Which company will save the most on income taxes? (hint: the less income you report, the less income taxes you pay) a. Best Buy b. Amazon Target d. The tax bill will be same for all of the companies since they sold the same number of shirts for the same price as well as they paid the same price for their inventory