Question: Financial data for Peach Tree Boutique is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company
Financial data for Peach Tree Boutique is given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2021 and use your constructed statement to answer the following 5 questions (Le, 25 through 29). 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 the company's balance sheet-use cash as a plug figure to balance the balance sheet. Accounts payable Accruals Accumulated depreciation 1,947,300 $67,700 42,432,800 12,844,200 Additional paid in capital Beginning of year inventory 10,720,300 Common stock ($1.50 par value) 2,577,300 Cost of goods sold Current portion of Long-term debt 86,088,800 2,240,800 Gross accounts receivable 4,112,900 Gross fixed assets 106,111,800 Long-term debt (excluding current portion) 49,004,000 Purchases 88,941,300 Retained earnings 19,920,800 Returns and allowances 155,900 Short-term bank loan 566,700 222 Cash 25. What did Peach Tree Boutique record as Total Current Assets on December 31, 2021 balance sheet? 26. What did Peach Tree Boutique record as Total Current Liabilities on December 31, 2021 balance sheet? 27. What did Peach Tree Boutique record as Total Assets on December 31, 2021 balance sheet? 28. What was Total Shareholder's Equity on Peach Tree Boutique December 31, 2021 balance sheet? 29. Peach Tree Boutique reported net income for 2021 of $2,338,200 and the company paid dividends of $1.05 per share in 2021. Given this information (along with the data provided above), compute what Peach Tree Boutique reported as retained earnings on its December 31, 2020 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2020 and December 31, 2021)
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