See attached document - basic accounting quiz

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Here are some t-accounts for Carol's Fitness Store. Identify the total assets, liabilities and shareholders' equity. Question 341 pts 5) a. Assets $108,500 $9,500 $42,300 $85,500 Question 351 pts 5) b. Liabilities $54,750 $83,200 $7,500 $45,500 Question 361 pts 5) c. Shareholders' equity $43,200 $85,500 $53,750 $10,500 6) You can access Facebook's (a social media company) financial statements on this page of the U.S. Securities and Exchange Commission EDGAR website (Links to an external site.). (http://www.sec.gov/cgi-bin/viewer? action=view&cik=1326801&accession_number=0001326801-16000043&xbrl_type=v (Links to an external site.) ) Please review them in order to answer the following questions. Question 371 pts 6) a. Find the cash and cash equivalents, from the balance sheet, on December 31, 2015 for Facebook. $5,907 millions $4,907 millions $6,100 millions $9,204 millions Question 381 pts 6) b. Find the cash and cash equivalents, from the statement of cash flows on December 31, 2015 for Facebook. $6,100 millions $4,907 millions $5,907 millions $9,204 millions 6) c. Identify Facebook's revenues, operating expenses, operating income, net income, effective tax rate, diluted EPS for fiscal year 2015. Question 391 pts 6) c. 1. Revenues $41,067 millions $10,928 millions $17,928 millions $10,081 millions Question 401 pts 6 c. 2 Operating expenses (including cost of sales) $29,270 millions $6,070 millions $8,270 millions $11,703 millions Question 411 pts 6) c. 3. Operating income $1,248 millions $6,225 millions $3,488 millions $2,488 millions Question 421 pts 6) c. 4. Net income $2,663 millions $3,163 millions $3,688 millions $2,187 millions Question 431 pts 6) c. 5. Effective Tax rate 14.4% 40.5% 30.9% 48.4% Question 441 pts 6) c. 6. EPS (diluted) $1.89 $1.29 $1.09 $1.64 Question 451 pts 6) d. How has Facebook's long-term debt changed from FY 2014 to FY 2015? $0 $1,809 millions $2,209 millions $1,204 millions Question 461 pts 6) e. Identify the change in Facebook's total shareholders' equity in FY 2015. $7,809 millions ($8,122) millions $8,122 millions ($5,409) millions Question 471 pts 6) f. List the three biggest components of Facebook's total assets at the end of FY 2015. Account receivables, retirement benefits, deferred income tax Cash and Cash equivalents, goodwill,other assets Goodwill, Marketable Securities, Property and Equipment - net Marketable securities, other intangible assets, other assets Question 481 pts 6) g. List the three biggest components of Facebook's total liabilities at the end of FY 2015. Accrued expenses and other current liabilities, Deferred income taxes, Retirement benefits and other liabilities Short-term securitization borrowings, Retirement benefits and other liabilities, Deferred income taxes Accrued expenses and other current liabilities, Deferred income taxes, Long-term borrowings Other liabilities, Accrued expenses and other current liabilities, partners payable Compute Facebook's working capital at the end of FY 2014 and 2015. Question 491 pts 6) h. 1. Working capital (2015)* ($19,727) millions $11,091 millions ($1,923) millions $19,727 millions Question 501 pts 6) h. 2. Working capital (2014)* $11,966 millions ($4,923) millions ($7,091) millions ($8,923) millions Question 511 pts 6) i. Identify the total dividends that Facebook declared in FY 2015. List the dollar amount from the statement of changes in shareholders' equity. $200 million $300 million $100 million $0 Question 521 pts 6) j. How much stock did Facebook repurchase in FY 2015? List the dollar amount from the statement of changes in shareholders' equity. $200 million $0 $100 million $300 million How much cash flow did Facebook generate (use) from operations, investing and financing activities in FY 2015? Question 531 pts 6) k. 1. Cashflow from operating activities $8,599 millions $(8,599) millions $2,526 millions $1,526 millions Question 541 pts 6) k. 2. Cashflow from investing activities ($9,434) millions ($1,881) millions ($5,881) millions $9,434 millions Question 551 pts 6) k. 3. Cashflow from financing activities ($1,582) millions $1,582 millions ($1,296) millions ($2,204) millions 7) List the account balances in the trial balance (post-closing) after recording the following transactions for the newly established hardware store. First year transactions - during 2016 1) 1/1/16 - Issued $700,000 stock to investors (This is money raised from investors to start the company). 2) 1/15/16 - Purchased $250,000 inventory on account (This is hardware purchased for resale - but no cash paid yet). ) 3) 6/30/16 - Sales of $350,000 hardware on account (This is sales of hardware - but no cash received yet). 4) 1/1/16 - Paid $50,000 rent for 2 years (for 2016-2017) (This is rent paid - but for two years). Year-end adjustments 5) Adjust for rent - used up only one year of rent (There is still one year remaining for 2017 rent). 6) Still owe $40,000 in wages for 2016 (Let us assume employees worked but have not yet been paid). 7) Declared dividend of $50,000 (Investors want a return on their $700,000 invested). 8) Sold half of the purchased inventory (Sold half of the hardware purchased on 1/15/16). Question 561 pts 7) 1. Cash Credit $650,000 Debit $100,000 Debit $650,000 Credit $100,000 Question 571 pts 7) 2. Accounts Receivable Debit $350,000 Credit $45,000 Credit $350,000 Debit $45,000 Question 581 pts 7) 3. Hardware Inventory Credit $200,000 Debit $125,000 Credit $125,000 Debit $200,000 Question 591 pts 7) 4. Prepaid Rent Debit $25,000 Debit $10,000 Credit $25,000 Credit $10,000 Question 601 pts 7) 5. Accounts Payable Credit $50,000 Credit $250,000 Debit $250,000 Debit $50,000 Question 611 pts 7) 6. Dividends Payable Credit $50,000 Credit $1,000 Debit $50,000 Debit $1,000 Question 621 pts 7) 7. Wages Payable Credit $40,000 Debit $4,500 Credit $4,500 Debit $40,000 Question 631 pts 7) 8. Common Stock Debit $700,000 Credit $500,000 Debit $500,000 Credit $700,000 Question 641 pts 7) 9. Retained Earnings Debit $110,000 Credit $250,000 Debit $250,000 Credit $110,000