Question
Financial data for Jade's Jeans are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for
Financial data for Jade's 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. Not every item in the list below belongs on the balance sheet. Use some given data to determine needed accounts for the balance sheet. Use cash as a plug figure to balance the balance sheet.
Accounts Payable- 817,000
Accruals- 221,000
Accumulated Depreciation- 11,435,000
Additional paid in capital- 18,719,000
Beginning of year inventory- 9,456,000
Coomon stock (1.6 par value)- 15,200,000
Cost of goods sold- 71,729,000
Current Portion of Long-term debt- 2,100,000
Gross accounts receivable- 1,875,000
Gross fixed assets- 65,185,000
Long-term debt (excluding current portion)- 22,743,000
Purchases- 74,834,000
Retained Earnings- 9,008,000
Returns and allowances- 21,000
Short term bank loan- 527,000
Cash- ???
a. What is Jade's Jeans record as Total Current Assets on December 31, 2015 balance sheet?
b. What did Jade's Jeans record as Total Current Liabilities on December 31, 2015 balance sheet?
c. What did Jade's Jeans record as Total Assets on December 31, 2015 balance sheet?
d. What was Total Shareholder's Equity on Jade's Jeans December 31, 2015 balance sheet?
Please show formula and steps on how to find the answer. I don't need the answer just how to do them is fine.
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