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not sure if I am doing this right. Adobe Systems Incorporated reported the following accounts and amounts (in millions) in its financial statements for the
not sure if I am doing this right.
Adobe Systems Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended December 2, 2016. $ 820 840 480 1,110 10 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Common Stock Deferred Revenue Equipment Income Taxes Payable Notes Payable (long-term) Notes Receivable (long-term) Prepaid Rent Retained Earnings Service Revenue Short-Term Investments Software 1,010 450 1,950 7,330 40 2,470 230 250 6,970 470 3,750 890 Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ADOBE SYSTEMS, INC. Balance Sheet As of December 2, 2016 (in millions of dollars) Assets Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable Allowance for Doubtful Accounts $ 1,010 3,750 $ 840 10 830 250 5,840 7,330 1,110 Accounts Receivable, net of Allowance Prepaid Rent Total Current Assets Non-current Assets Equipment Accumulated Depreciation Equipment, net of Accumulated Depreciation Software Accumulated Amortization Notes Receivable Software, net of Accumulated Amortization Total Assets Liabilities Current Liabilities Accounts Payable 890 480 230 $ 6,730 S 820 6,730 Total Assets Liabilities Current Liabilities Accounts Payable 820 Deferred Revenue 1,950 40 Income Tax Payable 2,810 2,470 Total Current Liabilities Non-current liabilities Notes Payable Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings 5,280 450 6,970 7,420 12,700 Total Liabilities and Stockholders' Equity $Step by Step Solution
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