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Fuzzy Button Clothing Company is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of
Fuzzy Button Clothing Company is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet Fuzzy Button Clothing Company Balance Sheet for Year Ending December 31 (Millions of Dollars) Year 2 Year 1 Year 2 Year 1 Liabilities and equity Current liabilities Assets Current assets sh and equivalents $3,69 $2,952 c ayable $3,690 | 1,350 3,960 $9,000 $0 188 1,062 $1,250 3,750 $5,000 | $2,952 1,080 3,168 Accounts payable Accruals Notes payable Accounts receivable 1,000 $1,000 3,000 $4,000 Inventories Total current assets $7,200Total current liabilities Net fixed assets: Long-term debt Net plant and equipment $11,000 $8,800 Total debt Common equity: 9,750 5,250 $15,000 $20,000 7,800 4,200 $12,000 $16,000 Common stock Retained earnings Total common equity Total liabilities and equity Total assets $20,000 $16,000
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