Question
Financial data for Peach Tree Boutique is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company
Financial data for Peach Tree Boutique 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, 2021 and use your constructed statement to answer the following 5 questions (i.e., 25 through 29). 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 the companys balance sheet - use cash as a plug figure to balance the balance sheet.
Accounts payable | 347,800 | |
Accruals | 162,400 | |
Accumulated depreciation | 7,418,300 | |
Additional paid in capital | 2,247,500 | |
Beginning of year inventory | 1,875,900 | |
Common stock ($1.75 par value) | 462,000 | |
Cost of goods sold | 15,017,600 | |
Current portion of Long-term debt | 401,600 | |
Gross accounts receivable | 726,500 | |
Gross fixed assets | 18,479,300 | |
Long-term debt (excluding current portion) | 8,547,000 | |
P urchases | 15,479,900 | |
Retained earnings | 3,472,100 | |
Returns and allowances | 14,900 | |
Short-term bank loan | 104,700 | |
Cash | ??? |
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What did Peach Tree Boutique record as Total Current Assets on December 31, 2021 balance sheet?
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What did Peach Tree Boutique record as Total Current Liabilities on December 31, 2021 balance sheet?
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What did Peach Tree Boutique record as Total Assets on December 31, 2021 balance sheet?
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What was Total Shareholders Equity on Peach Tree Boutique December 31, 2021 balance sheet?
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