Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Financial data for The Retail Dive, Inc. is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the

image text in transcribed

Financial data for The Retail Dive, 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, 2020, 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 must 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 948,600 Accruals 101,200 Accumulated depreciation 6,846,800 Additional paid in capital 7,954,800 Beginning of year inventory 1,765,200 Common stock ($1.60 par value) 2,000,000 Cost of goods sold 14.965,300 Current portion of Long-term debt 864,900 Gross accounts receivable 856,200 Gross fixed assets 31,954,200 Long-term debt (excluding current portion) 12,946,100 Purchases 15,712,300 Retained earnings 4,265,600 Returns and allowances 15,300 Short-term bank loan 76,500 ??? Cash 11. What did The Retail Dive record as Total Current Assets on December 31, 2020, balance sheet? 12. What did The Retail Dive record as Total Current Liabilities on December 31, 2020, balance sheet? 13. What did The Retail Dive record as Total Assets on December 31, 2020, balance sheet? 14. What was Total Shareholder's Equity on The Retail Dive December 31, 2020, balance sheet? 15. The Retail Dive, Inc. reported net income for 2020 of $286,200 and the company paid dividends of $1.15 per share in 2020. Given this information (along with the data provided above), compute what The Retail Dive Company reported as retained earnings on its December 31, 2019, balance sheet? (Assume that no additional shares of stock were issued between December 31, 2019, and December 31, 2020)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Accounting Concepts And Applications

Authors: K. Fred Skousen, W. Steve Albrecht, James D. Stice, Earl K. Stice

7th Edition

0538876247, 978-0538876247

More Books

Students also viewed these Accounting questions