Details about a company’s liabilities appear in a number of places in the annual report. Use Amazon.com’s financial statements, including Note 1, to answer the following questions. Amazon’s financial statements are in Appendix A at the end of this book.
Requirements
1. Give the breakdown of Amazon’s current liabilities at December 31, 2009. Give the January 2010 entry to record the payment of accrued expenses and other current liabilities that Amazon owed at December 31, 2009. (Please assume the entire balance of this item represents accrued expenses.)
2. At December 31, 2009, how much did Amazon report for unearned revenue that Amazon had collected in advance? Which account on the balance sheet reports this liability?
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