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HW_02_Solutions - Solutions to Homework 2 Raffaele B Mari...

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Solutions to Homework 2 Due October 5, 2010 Raffaele B. Mari, CPA Econ 25 Econ of Acctg. EXERCISE 2-12 (a) 2 Going concern assumption (b) 6 Economic entity assumption (c) 3 Monetary unit assumption (d) 4 Time period assumption (e) 5 Cost principle (f) 1 Full disclosure principle
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Solutions to Homework 2 Due October 5, 2010 Raffaele B. Mari, CPA Econ 25 Econ of Acctg. PROBLEM 2-1A YAHOO! INC. Balance Sheet December 31, 2006 Assets Current assets Cash and cash equivalents ............... $ 1,569,871 Short-term investments ..................... 1,031,528 Accounts receivable .......................... 930,964 Prepaid expenses and other current assets .................................. 217,779 Total current assets .................... $ 3,750,142 Long-term investments ............................. 2,827,720 Property and equipment, net .................... 1,101,379 Intangible assets ........................................ 3,374,379 Other assets ............................................... 459,988 Total assets ........................................ $11,513,608 Liabilities and Sto ckholders’ Equity Current liabilities Accounts payable .............................. $ 109,130 Accrued expenses and other current liabilities .............................. 1,046,882 Unearned revenue-current ................. 317,982 Total current liabilities ............... $ 1,473,994 Long-term liabilities Long-term debt ................................... 749,915 Other long-term liabilities
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