1. What are closing entries? Why are they made?
2. What accounts on Facebook's trial balance should be closed?
3. Using the Facebook trial balance, what closing entries would Facebook make for 2015?
4. What was Facebook's net income for the year ended December 31, 2015?

l11; d2l.lonestar.edu O l lOl l & Cash and cash equivalents Marketable securities Accounts receivable, net Prepaid and other expenses Property and equipment, net Intangible assets, net Other long-term assets Accounts payable Other current liabilities Capital lease obligations, long-term Other long-term liabilities Common stock and other Beginning retained earnings Net revenues Expenses Other expenses and adjustments Totals Facebook, Inc. Consolidated trial balance (adapted for classroom use) As of December 31, 2015 $ (in millions) Debit Credit 4,907 13,527 2'559 659 5,687 3,246 18,822 $ 196 1,729 107 3,157 34,431 6,099 17,928 11,703 2,537 63,647 5 63,647