Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

#29 is the one I'm struggling the most with, explanations and answers would be helpful for the others but please #29 USE THE FOLLOWING INFORMATION

image text in transcribed

#29 is the one I'm struggling the most with, explanations and answers would be helpful for the others but please #29

USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 25 - 29 Financial data for Amazures, Inc. is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2019 and use your constructed statement to answer the following 5 questions (ie., 11 through 15). NOTE: Not every item in the list below belongs on the balance sheet - you have to use some given data to determine needed accounts for the balance sheet. However, other than what is listed and/or can be derived, there are no other accounts on Jade's balance sheet - use cash as a plug figure to balance the balance sheet. Accounts payable 2,875,400 Accruals 86,300 Accumulated depreciation 16,986,900 Additional paid in capital 9,785,900 Beginning of year inventory 12,479,200 Common stock ($1,60 par value) 1,876,000 Cost of goods sold 147,956,800 Current portion of Long-term debt 3,754,100 Gross accounts receivable 2,148,600 Gross fixed assets 52,789,300 Long-term debt (excluding current portion) 24,768,200 Purchases 146,795, 100 Retained earnings 7,986,800 Returns and allowances 37,600 Short-term bank loan 547,600 Cash ??? 25. What did Amazures record as Total Current Assets on December 31, 2019 balance sheet? 26. What did Amazures record as Total Current Liabilities on December 31, 2019 balance sheet? 27. What did Amazures record as Total Assets on December 31, 2019 balance sheet? 28. What was Total Shareholder's Equity on Amazures December 31, 2019 balance sheet? 29. Amazures, Inc. reported net income for 2019 of $2,286,200 and the company paid dividends of $1.05 per share in 2019. Given this information (along with the data provided above), compute what Amazures Company reported as retained earnings on its December 31, 2018 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2018 and December 31, 2019)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions