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can someone please help asap, i am struggling a lot and would help me so much Goulet Inc., set up as a privately held corporation,
can someone please help asap, i am struggling a lot and would help me so much
Goulet Inc., set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Lawrence Goulet. You were hired to account for transactions for the month of August 2023, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at July 31, 2023, is presented below. Goulet Inc. Classified Balance Sheet As at July 31, 2023 Assets Cash $81,240 Accounts Receivable 30,090 Merchandise Inventory 27,600 Prepaid Insurance 9.200 Total Current Assets 148,130 Long-Term Assets Equipment 175,000 Accumulated Depreciation: -92.000 83,000 Total Assets $231,130 Liabilities Current Liabilities Accounts Payable $29,200 Unearned Revenue $17,000 Salaries Payable $9,600 Current Portion of Bank Loan 22.560 Total Current Liabilities $78,360 Non-Current Liabilities Non-Current Portion of Bank Loan 33,840 Total Liabilities $112,200 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity 93,200 25,730 118.930 $231,130 Total Liabilities & Equity Notes Relating to Balances: Customers and balances Suppliers and Balances Vachon Inc. $7,120 Design Shirts Co. $15,400 Dunn Inc. $9,250 Printed Shirts Corp. $8,300 Picard Inc. $6,620 Gabe Clothing Co. $5,500 Moreau Inc. $4,100 Total $29,200 Duncan Inc. $3,000 Total $30,090 The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,880.
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