Adobe Systems Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended December 2, 2016. Accounts Payable $ 820 Accounts Receivable 840 Accumulated Amortization 480 Accumulated Depreciation 1,110 Allowance for Doubtful Accounts 10 Cash and Cash Equivalents 1,010 Common Stock 450 Deferred Revenue 1,950 Equipment 7,330 Income Taxes Payable 40 Notes Payable (long-term) 2,470 Notes Receivable (long-term) 230 Prepaid Rent 250 Retained Earnings 6,970 Service Revenue 470 Short-Term Investments 3,750 Software 890 Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable.
Adobe Systems Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended December 2, 2016. Accounts Payable $ 820 Accounts Receivable 840 Accumulated Amortization 480 Accumulated Depreciation 1,110 Allowance for Doubtful Accounts 10 Cash and Cash Equivalents 1,010 Common Stock 450 Deferred Revenue 1,950 Equipment 7,330 Income Taxes Payable 40 Notes Payable (long-term) 2,470 Notes Receivable (long-term) 230 Prepaid Rent 250 Retained Earnings 6,970 Service Revenue 470 Short-Term Investments 3,750 Software 890 Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adobe Systems Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended December 2, 2016.
| Accounts Payable | $ | 820 | |
| 840 | |||
| Accumulated Amortization | 480 | ||
| 1,110 | |||
| Allowance for Doubtful Accounts | 10 | ||
| Cash and Cash Equivalents | 1,010 | ||
| Common Stock | 450 | ||
| Deferred Revenue | 1,950 | ||
| Equipment | 7,330 | ||
| Income Taxes Payable | 40 | ||
| Notes Payable (long-term) | 2,470 | ||
| Notes Receivable (long-term) | 230 | ||
| Prepaid Rent | 250 | ||
| 6,970 | |||
| Service Revenue | 470 | ||
| Short-Term Investments | 3,750 | ||
| Software | 890 | ||
Prepare a classified
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