Question

Facebook, Inc., is a publicly held corporation and issued its financial statements for 2015 earlier in 2016. To follow is a condensed and adapted trial balance as of December 31, 2015, that was constructed from those financial statements. Please note that the accounts have been adapted and condensed for educational use and should not be used for investment decisions. Facebook Trial Balance

Facebook, Inc. Consolidated trial balance (adapted for classroom use) As of December 31, 2015

Debit Credit Cash and cash equivalents $ 4,907 - debit

Marketable securities 13,527 - debit

Accounts receivable, net 2,559 - debit

Prepaid and other expenses 659- debit

Property and equipment

net 5,687 - debit

Intangible assets, net 3,246 - debit

Other long-term assets 18,822 - debit

Accounts payable $ 196 - credit

Other current liabilities 1,729 - credit

Capital lease obligations, long-term 107 - credit

Other long-term liabilities 3,157 - credit

Common stock and other 34,431 - credit

Beginning retained earnings 6,099 - credit

Net revenues 17,928 - credit

Expenses 11,703 - debit

Other expenses and adjustments 2,537 - debit

Totals $ 63,647- debit $ 63,647 - credit

Questions (calculate each of the following totals using Facebook’s trial balance) 1. Current assets 2. Total assets 3. Current liabilities 4. Total liabilities

5. Net income 6. Ending retained earnings 7. Total stockholders’ equity 8. Write Facebook’s accounting equation as of December 31, 2015.

need help solving this .. thanks - please share in easiest form

Answer 1

a) Current Assets
Cash and cash equivalents	$4,907.00
Marketable securities	$13,527.00
Accounts receivable, net	$2,559.00
Prepaid and other expenses	$659.00
Total Current assets	$21,652.00
b) Total Assets
Current Assets	$21,652.00
Property and equipment	$5,687.00
Intangible assets,	$3,246.00
Other long-term assets	$18,822.00
Total Assets	$49,407.00
c) Current Liabilities
Accounts payable	$196.00
Other current liabilities	$1,729.00
Total Current Liabilities	$1,925.00
d) Total Liabilities
Current Liabilities	$1,925.00
Capital lease obligations, long-term	$107.00
Other long-term liabilities	$3,157.00
Total liabilities	$5,189.00
e) Net Income
Revenues	$17,928.00
Less: Expenses	-$11,703.00
Less: Other expenses and adjustments	-$2,537.00
Net Income	$3,688.00
f) Ending retained earning
Beginning retained earnings	$6,099.00
Add: Net income	$3,688.00
Ending Retained Earnings	$9,787.00
g) Total stockholders’ equity
Common stock and other	$34,431.00
Ending Retained Earnings	$9,787.00
Total stockholders’ equity	$44,218.00
h) Accounting Equation
Total Assets = Total Liabilities + Total Shareholders' equity
$49407 = $5189 + $44218
$49407 = $49407