Reference no: EM131311981
Focus on Financials | Amazon.com, Inc.
Learning Objectives :
Record transactions; compute net income
Refer to Amazon.com, Inc.'s financial statements in Appendix A at the end of the book. Assume that Amazon.com completed the following selected transactions during 2012.
a. Made company sales (revenue) of $61,093 million, all on account (debit Accounts Receivable, net and other).
b. Collected cash on accounts receivable $60,300 million.
c. Purchased inventories on account, $47,010 million (credit Accounts Payable).
d. Incurred cost of sales in the amount of $45,971 million. Debit the Cost of Sales (expense) account. Credit the Inventories account.
e. Paid accounts payable in cash, $44,837 million.
f. Paid operating expenses of $14,446 million in cash.
g. Paid non-operating expenses (net) in cash, $132 million.
h. Paid income taxes, $428 million in cash (debit Provision for Income Taxes).
i. Accounted for income from other investment activity net of taxes in the amount of $155 million. Credit Other Assets. Debit the account entitled Equity Method Investment Activity, net of tax.
j. Paid cash for Property and Equipment, $2,643 million; paid cash for Other Assets, $291 million.
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