Venus Apparel, a student-run clothing company based out of Queen's University, has the following financial information as of June 30, 2022, the ending of their fiscal year. • Cash ending balance is $45,000 • Buildings & Equipment ending balance is $105,846
Accounts Receivables ending balance is $15,000 Common Shares ending balance is $150,000 • Inventory ending balance is $30,000
Land ending balance is $278,193 Accounts Payable ending balance is $14,000 Retained Earnings ending balance is $155,039 Buildings & Equipment Accumulated Depreciation ending balance is $47,000
Wages Payable ending balance is $7,000
Short-Term Debt ending balance is $10,000 Taxes Payable ending balance is $5,000 Long-Term Mortgage ending balance is $48,500 10-Year Bond ending balance is $25,500 Interest Payable ending balance is $12,000 Additional note: Annual sales for the company is $250,000 a) Prepare a Balance Sheet for the company as of fiscal year end June 30, 2022. Ensure you categorize your accounts into Current and Non-Current Assets/Liabilities, and Shareholders' Equity. (6 marks) b) Calculate the day's receivables, debt to equity and the quick ratio for the company. How do each of these ratios help you understand a different part of the company, and what do they tell you? (6 marks)
