Financial data for Jade’s Jeans are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2016 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 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 figure to balance the balance sheet.
Accounts payable 1,028,700
Accruals 462,300
Accumulated depreciation 2,235,000
Additional paid in capital 18,179,000
Beginning of year inventory 8,456,000
Common stock ($1.60 par value) 16,200,000
Cost of goods sold 71,729,000
Current portion of Long-term debt 3,330,000
Gross accounts receivable 2,875,000
Gross fixed assets 83,159,600
Long-term debt (excluding current portion) 45,743,000
Purchases 74,384,000
Retained earnings 10,008,000
Returns and allowances 21,000
Short-term bank loan 368,700
Cash
1. What did Jade’s Jeans record as Total Current Assets on December 31, 2016 balance sheet?
2. What did Jade’s Jeans record as Total Current Liabilities on December 31, 2016 balance sheet?
3. What did Jade’s Jeans record as Total Assets on December 31, 2016 balance sheet?
4. What was Total Shareholder’s Equity on Jade’s Jeans December 31, 2016 balance sheet?
5. Jade’s Jeans Company reported net income for 2016 of $7,520,000 and the company paid dividends of $0.28 per share in 2016. Given this information (along with the data provided above), compute what Jade’s Jeans Company reported as retained earnings on its December 31, 2015 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2015 and December 31, 2016).