Question
Financial data for Jades Jeans are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for
Financial data for Jades Jeans are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2015 and use your constructed statement to answer the following 5 questions (i.e., 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 Jades balance sheet - use cash as a plug figure to balance the balance sheet.
Accounts payable | 855,000 | |
Accruals | 294,600 | |
Accumulated depreciation | 12,795,300 | |
Additional paid in capital | 18,476,200 | |
Beginning of year inventory | 9,476,100 | |
Common stock ($1.50 par value) | 16,200,000 | |
Cost of goods sold | 71,359,800 | |
Current portion of Long-term debt | 2,475,600 | |
Gross accounts receivable | 1,875,600 | |
Gross fixed assets | 64,185,200 | |
Long-term debt (excluding current portion) | 23,148,600 | |
Purchases | 75,384,700 | |
Retained earnings | 9,017,600 | |
Returns and allowances | 12,600 | |
Short-term bank loan | 466,000 | |
Cash | ??? |
11. What did Jades Jeans record as Total Current Assets on December 31, 2015 balance sheet? 12. What did Jades Jeans record as Total Current Liabilities on December 31, 2015 balance sheet? 13. What did Jades Jeans record as Total Assets on December 31, 2015 balance sheet?
13. What did Jades Jeans record as Total Assets on December 31, 2015 balance sheet?
14. What was Total Shareholders Equity on Jades Jeans December 31, 2015 balance sheet?
15. Jades Jeans Company reported net income for 2015 of $871,800 and the company paid dividends of $0.06 per share in 2015. Given this information (along with the data provided above), compute what Jades Jeans Company reported as retained earnings on its December 31, 2014 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2014 and December 31, 2015).
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