**Jordan Corporation Balance Sheet Analysis**The balance sheet for Jordan Corporation as of December 31, Year 4, is detailed below, with certain items needing calculation using additional provided data.---**JORDAN CORPORATION** *Balance Sheet As of December 31, Year 4***Assets:**- Cash: $30,000- Accounts Receivable (net): ?- Inventory: ?- Property, Plant, and Equipment (net): $310,000 **Total Assets:** $450,000**Liabilities and Stockholders’ Equity:**- Accounts Payable (trade): ?- Income Taxes Payable (current): $30,000- Long-term Debt: $316,000- Common Stock: ?- Retained Earnings: ? **Total Liabilities and Stockholders’ Equity:** $450,000---**Additional Information:**- **Current Ratio (at year end):** 1.4 to 1- **Total Liabilities to Total Stockholders' Equity:** 60% (Liabilities), 40% (Stockholders' Equity)- **Gross Margin Percentage:** Provided separately- **Inventory Turnover (Cost of Goods Sold + Ending Inventory):** 10.8 times- **Gross Margin for Year 4:** $360,000To solve for the unknowns in the balance sheet, use the additional information provided. Calculating each unknown involves understanding financial ratios and relationships, such as the current ratio for liquidity analysis and the component percentages of liabilities and equity. ## Financial Accounting Exercise### Required**a.** Compute the balance in trade accounts payable as of December 31, Year 4. **b.** Compute the balance in retained earnings as of December 31, Year 4. **c.** Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change from last year.)### Instructions- For all requirements, negative amounts should be indicated by a minus sign.- Do not round intermediate calculations.- Round your answers to the nearest whole dollar amount.### Data Table| | Description | Amount ||---|--------------------|----------|| a | Accounts payable | $70,000 || b | Retained earnings | || c | Inventory | |This exercise requires you to calculate specific financial balances for a company's accounts as of a particular year-end date. Make sure to follow the instructions regarding negative amounts and rounding when providing your answers.

Formula for current ratio;Current ratio=Current AssetsCurrent liabilities

Answered: The December 31, Year 4, balance sheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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What is the final amount in retained earnings

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