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Prepare a classified balance sheet at september

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Reference no: EM13880496

The following accounts are taken from the financial statements of Facebook Inc. at September 30, 2013. (Amounts are in millions.)

Accounts Payable...$ 700

Cash... 3,100

Common Stock... 10,400

Equipment... 2,700

Income Tax Expense... 300

Interest Expense... 50

Notes Payable (long- term)... 900

Notes Payable (short- term)... 300

Prepaid Rent... 1,100

Retained Earnings... 2,600

Service Revenue... 5,300

Short- term Investments... 6,300

Software...1,700

Required:

1. Prepare a classified balance sheet at September 30, 2013.

2. Using the balance sheet, indicate whether the total assets of Facebook Inc. at the end of the year were financed primarily by liabilities or stockholders, equity.

3. Were the current assets sufficient to cover the current liabilities at September 30, 2013? Show the ratio and calculations that indicate this.

Reference no: EM13880496

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