Question
I need help with all parts A, B, C,D etc. Show work 1) You should create a scenario for 4 separate transactions that address the
I need help with all parts A, B, C,D etc. Show work
1) You should create a scenario for 4 separate transactions that address the following issues from Chapters 10 and 11 (you can have a separate sheet for each scenario or one sheet that includes them all):
A. Cash purchase of a long-term asset that includes an asset retirement obligation,
B. One self-constructed asset that will not be completed by the end of the year which includes at least 2 expenditures during the fiscal year,
C. One impairment of existing goodwill or another long-term asset that is held and used,
D. Depreciation for each remaining quarter you pick a method as if it had been in place and record entries for 2nd, 3rd, and 4th quarter. You will need to add a depreciation expense account and add an Accumulated Depreciation account to your balance sheet as well. You come up with the backstory and details for these transactions, providing me with a description of the transaction that provides enough detail for me to recalculate your numbers. For example, with impairments this would mean that you have to provide me with all of the information needed to recalculate the impairment you record.
Changes during the quarter ended June 30, 2020 | Changes during the quarter ended Sept 30, 2020 | Changes during the quarter ended Dec 31, 2020 | Adjusted Trial Balance as of Dec 31, 2020 | Final Trial Balance as of Dec 31, 2020 | |||||||||||||
URLIVE | As of March 31, 2020 | Adjusting Entries | Closing entries | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | F/S | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
Cash and cash equivalents | B | $ 488,653 | $ 488,653 | 0 | |||||||||||||
Marketable securities | B | 616,714 | $ 616,714 | 0 | |||||||||||||
Accounts receivable | B | 269,502 | $ 269,502 | 0 | |||||||||||||
Allowance for bad debts | B | 11990 | $ 0 | 11990 | |||||||||||||
Deferred contract acquisition costs, current | B | 84,054 | $ 84,054 | 0 | |||||||||||||
Prepaid expenses and other current assets | B | 336,024 | $ 336,024 | 0 | |||||||||||||
Deferred contract acquisition costs, noncurrent | B | 115,643 | $ 115,643 | 0 | |||||||||||||
Property and equipment, net | B | 60,479 | $ 60,479 | 0 | |||||||||||||
Natural Resource Asset | B | 65,316 | $ 65,316 | 0 | |||||||||||||
Equity Method Investments | B | 43,314 | $ 43,314 | 0 | |||||||||||||
Accounts payable | B | 3,472 | $ 0 | 3472 | |||||||||||||
Accrued expenses and other current liabilities | B | 507,010 | $ 0 | 507010 | |||||||||||||
Deferred revenue, current | B | 523,246 | $ 0 | 523246 | |||||||||||||
Deferred revenue, noncurrent | B | 28,596 | $ 0 | 28596 | |||||||||||||
Asset Retirement Obligations | B | 62,989 | $ 0 | 62989 | |||||||||||||
Other liabilities, noncurrent | B | 40,765 | $ 0 | 40,765 | |||||||||||||
Common stock, $0.001 par value per share | S | 280 | $ 0 | 280 | |||||||||||||
Additional paid-in capital | S | 872,237 | $ 0 | 872237 | |||||||||||||
Accumulated other comprehensive income | B | 809 | $ 0 | 809 | |||||||||||||
Retained earnings | B | 152 | $ 0 | 152 | |||||||||||||
Revenue | I | $ 328,167 | $ 0 | 328167 | |||||||||||||
Cost of revenue | I | 103,707 | $ 103,707 | 0 | |||||||||||||
Research and development | I | 26,389 | $ 26,389 | 0 | |||||||||||||
Sales and marketing | I | 117,200 | $ 117,200 | 0 | |||||||||||||
Bad Debt Expense | I | 4,356 | $ 4,356 | 0 | |||||||||||||
General and administrative | I | 24,320 | $ 24,320 | 0 | |||||||||||||
Stock Based Compensation | I | 28,810 | $ 28,810 | 0 | |||||||||||||
Interest income and other income | I | 5,790 | $ 0 | 5790 | |||||||||||||
Provision for income taxes | I | 2,100 | $ 2,100 | 0 | |||||||||||||
Unrealized gain on available-for-sale marketable securities, net of tax | C | 1,078 | $ 0 | 1078 | |||||||||||||
Totals | $ 2,386,581 | $ 2,386,581 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,386,581 | $ 2,386,581 | $ 0 | $ 0 | $ 0 | $ 0 | |
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