Problem: The following items are taken from the 2004 balance sheet of Yahoo!, Inc. (All dollars are in thousands.)
Intangible assets $3,031,623
Common stock 5,684,300
Property and equipment, net 531,696
Accounts payable 48,205
Other assets 481,832
Long-term investments 1,042,575
Accounts receivable 483,951
Prepaid expenses and other current assets 94,549
Short-term investments 2,688,252
Retained earnings 1,417,146
Cash and cash equivalents 823,723
Long-term debt 750,000
Accrued expenses and other current liabilities 853,115
Unearned revenue?current 279,387
Other long-term liabilities 146,048
Instructions
Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2004.
Tot. current assets $4,090,475
Tot. assets $9,178,201
These items are taken from the financial statements of Drew Corporation for 2007.
Retained earnings (beginning of year) $31,000
Utilities expense 2,000
Equipment 66,000
Accounts payable 13,300
Cash 17,900
Salaries payable 3,000
Common stock 13,000
Dividends 12,000
Service revenue 82,000
Prepaid insurance 3,500
Repair expense 1,800
Depreciation expense 3,300
Accounts receivable 14,200
Insurance expense 2,200
Salaries expense 37,000
Accumulated depreciation 17,600
Instructions:
Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2007.
Net income $35,700
Tot. assets $84,000