Hello i am kind of confused and idk how to answer these questions can someone he

Question

Hello i am kind of confused and idk how to answer these questions can someone help please=?

Fuzzy Button Clothing Company Balance Sheet for Year Ending December 31 (Millions of Dollars) Year 2 Year 1 Year 2 Year 1 Assets Current assets Liabilities and equity Current liabilities: $1,384 506 1,485 $3,375 $0 $0 Cash and equivalents Accounts receivable Inventories $1,107Accounts payable 405 1,188 $2,700 Accruals 375 $375 1,125 $1,500 Notes payable 399 Total current liabilities $469 1,406 $1,875 Total current assets Net fixed assets Long-term debt Net plant and equipment4.125 $3,300 Total debt $4,125 Common equity: 3,656 1,969 $5,625 $7,500 Common stock 2,925 1,575 $4,500 $6,000 Retained earnings Total common equity Total liabilities and equity Total assets $7,500 $6,000

Explanation / Answer

Ans2 Bcoz Fuzzy Button's retained earning account increase between the end of year 1 and year 2 Retain earning wasin year 1 was 1575 Retain earning in year 2 is 1969 So increase in retain earning is 394 Ans 4 As per the US GAAP The company Debt should be listed in the order in which they are to be paid Ans3 The Par share book value is calculated by dividing the company Total asset by no. of outstanding share

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.