Case: Tees R Us - Solutions Tees R Us , set up as a private ly held corporation, operating as a t-shirt retailer, of which 100 of the common shares are owned by Tamara Green. You were hired to account for transactions for the month of February 20 21, complete month endprocessing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at January 31, 2021, is presented below. Tees R US classified Balance Sheet As at January 31 , 2021 Assets cash $35,600 Accounts Receivable 16 670 Merchandise Inventory 12500 Pre paid Insurance 4,400 Total Current Assets 69 ,37 0 Long- Term Assets Equipment 162000 qubated De prec ation 52,000 11 0,000 Total Assets 3179, 370 Liabilities current Liabilities Accounts Payable $1 2,000 Uneamed Revenue $9 000 Salaries Payable $5 ,700 Current Portion of Bank Loan 11 160 Total Current Liabilities $37 8 60 Non-current Liabilities Non-Current Portion of Bank Loan 23 340 Total Labilities $61,700 Shareholders' Equity common shares Retained Earnings 36,67 0 Total Shareholders' Equity 117,670 Labilities & Equity $179,370 Notes Relating to Ba ances: Customers and balances Suppliers and Balances columbia $3,200 Henley Arrow $6 400 $7 500 Dic kies $4,50 Fabrica $4 500 Martin $2100 Total $12 000 short $9 20 Total $16 670 The bank loan has an annual interest rate of 59% and has monthly principal payment of $9 30. The inventory figure includes 500 units purchased at $25.00 each