The following list of accounts was taken from the 2010 annual report of Madlinger Corporation:
Accounts Payable ............ $ 4,669,902
Accounts Receivable ............ 664,065
Accrued Liabilities ............ 1,639,292
Accrued Rent Obligation Long-Term ..... 861,421
Accrued Store Closing Costs ........ 1,134,714
Accumulated Depreciation and Amortization . 8,783,914
Additional Paid- in Capital ......... 25,032,637
Cash ................... 261,394
Common Stock ............... 37,688
Construction in Progress .......... 904,560
Deferred Tax Asset ............ 478,200
Furniture and Fixtures .......... 4,727,134
Leasehold Improvements ......... 10,633,116
Leasehold Interests, Net ......... 953,645
Long-Term Debt ........... 2,200,000
Merchandise Inventory ........ 13,134,317
Other Assets .............. 65,005
Other Equipment ........... 1,432,871
Prepaid Expenses ............. 493,148
Retained Deficit ............ 10,612,113
Required:
Use a computer spreadsheet program.
A. Arrange the accounts in proper balance sheet order and show the equality of assets with liabilities and shareholders’ equity.
B. Determine the total dollar amount of current assets.
C. Determine the total dollar amount of long- term assets.
D. Determine the total dollar amount of current liabilities.
E. Determine the total dollar amount of long- term liabilities.
F. Determine the total dollar amount of shareholders’ equity.
G. Repeat requirements (A) through (F) above assuming that all accounts increase by 15 percent.