Case: Tees R Us - Solutions Tees R Us, set up as a privately 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 2021, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use a 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. Classified Balance Sheet As at January 31,2021 $35,600 16,870 Merchandise Inventory 12,500 Prepaid Insurance 4,400 Total Current Assets Long-Term Assets Equipment 162,000 Accumulated Depreciation 52,000 Total Assets Liabilities Current Liabilities Accounts Payable $12,000 Unearned Revenue $9,000 Salaries Payable $5,700 Current Portion of Bank Loan 11,160 Total Current Liabilities Non-Current Liabilities NonCurrent Portion of Bank Loan Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Customers and balances Columbia $3,200 'en ey Arrow $6,400 Dickies $4,250 a n ma Martin $2,100 Total Short $920 Total $16,870 The bank loan has an annual interest rate of 5% and has monthly principal payment of $930