Preparation of Classified Balance Sheet and Multi-Step Income Statement Inc., discloses in its 2014 annual report that its "top priority is to build useful and engaging products that enable people to connect and share through mobile devices and personal com- puters." Its products include Facebook. Instagram, and WhatsApp, and it generates most of its revenue through advertising. Facebook, PI-5. Required: The following is a list of accounts from Facebook's financial statements. Use this alphabetical list of accounts to prepare a classified balance sheet as of December 31, 2014 and a multi-step income statement for the year ended December 31.2014. (Hint: Identify whether the account is a balance sheet or income statement account first.) 69 For year ending 12-31-2017 In Millions 2 Facebook 3 Accounts Receivable 4 Accounts Payable 5 Accrued Expenses 6 Cash 5,832 380 $ 2,892 8,079 $ 40,811 S 5,454 7 Common Stock 8 Cost of Revenues 9 General & Administrative Expenses $ 2,517 10 Goodwill 11 Interest&Other Income 12 Long-term Liabilities 13 Marketing Expenses 14 Marketable Securities 15 Other Current Liabilities 16 Other long-term assets 17 Prepaid Expenses $ 20,105 391 S 6,417 $4,725 $33,632 488 2,135 S1,020 $13,721 18 Property & Equipment(net) 19 Research & Development Expenses 20 Retained Earnings 21 Revenues 22 Tax Expense 23 24 25 26 7,754 $ 33,536 $ 40,653 4,660