Question

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The following accounts are taken from the financial statements of Facebook Inc. at September 30, 2016. (Amounts are in millions.)

Accounts Payable	$	2,600
Accounts Receivable		3,100
Cash		6,000
Common Stock		15,700
Equipment		7,900
Income Tax Expense		790
Interest Expense		50
Notes Payable (long-term)		3,000
Prepaid Rent		1,100
Retained Earnings		38,400
Service Revenue		7,000
Short-Term Investments		20,100
Software		21,500

Required:

1. Prepare a classified balance sheet at September 30, 2016. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Answer 1

Balance Sheet as of September 30,2016
Non Current Asset
Equipment	$   7,900.00
Software	$ 21,500.00	$ 29,400.00
Current Asset
Cash	$   6,000.00
Account Receivable	$   3,100.00
Short Term Investment	$ 20,100.00
Prepaid Rent	$   1,100.00	$ 30,300.00
Total Assets		$ 59,700.00
Current Liability
Accounts Payable		$    2,600.00
Non Current Liability
Notes Payable ( Long-Term)		$    3,000.00
Total Liabilities		$   5,600.00
Equity
Common Stock	$ 15,700.00
Retained Earning	$ 38,400.00	$ 54,100.00
Total Equity		$ 54,100.00
Total Equity & Liabilties		$ 59,700.00