Reference no: EM132378991
Question :
Financial data for Jade's Jeans are given below. All ?gures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2018 and use your constructed statement to answer the following 5 questions (Le, I I through 15).
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 Jade's balance sheet - use cash as a plug ?gure to balance the balance sheet.
Accounts payable 268,400
Accruals 10,600
Accumulated depreciation 1,986,900
Additional paid in capital 2,017,600
Beginning of year inventory 2,658,100
Common stock ($1.60 par value) 1,060,000
Cost of goods sold 15,864,300
Current portion of Long-term debt 104,400
Gross accounts receivable 886,200
Gross ?xed assets 5,789,600
Long-term debt (excluding current portion) 2,647,200
Purchases 15,258,600
Retained earnings 1,478,500
Returns and allowances 9,400
Short-term bank loan 45,600
Cash ???
1. What did Jade's Jeans record as Total Current Assets on December 31, 2018 balance sheet?
2. What did Jade's Jeans record as Total Current Liabilities on December 31, 2018 balance sheet?
3. What did Jade's Jeans record as Total Assets on December 31, 2018 balance sheet?