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Longs Jewelers
Balance Sheet
For the Years Ending June 30, 20x1, 20x2, 20x3 and 20x4
20x1
20x2
20x3
20x4
Current Assets
Cash
$-4,824
$413
$-4,150
$7,637
Accounts Receivable
7,886
6,100
5,000
4,368
Inventory
186,450
188,237
111,455
99,351
Total Current Assets
189,512
194,750
112,305
111,356
Long-Term Assets
Equipment
139,497
150,790
149,332
152,942
Less Accumulated Depreciation
-63,592
-82,639
-99,311
-116,049
Equipment (net)
75,905
68,151
50,021
36,893
Other Assets
1,458
Total Long-Term Assets
51,479
38,351
Total Assets
$265,417
$262,901
$163,784
$149,707
Current Liabilities
Accounts Payable
$151,743
$140,000
$141,328
Long-Term Liabilities
Loans from Shareholders
19,471
17,200
16,200
44,177
Notes Payable
206,377
201,846
133,436
70,684
Total Long-Term Liabilities
225,848
219,046
149,636
114,861
Total Liabilities
377,591
359,046
289,636
256,189
Common Equity
Common Stock
1,000
Retained Earnings*
-113,174
-97,145
-126,852
-107,482
Total Equity
-112,174
-96,145
-125,852
-106,482
Total Liabilities and Equity
*Prior period adjustments made
to balance in retained earnings
-6,417
1,669
Discussion Questions
1. Complete a financial analysis of Longs Jewelers including a cash flow statement and ratio analysis and discuss your findings.
2. Identify critical non-quantitative issues that should be considered in the decision process.
3. What risk factors should Bob be most concerned about regarding his decision?
4. Identify possible ethical or values-based issues that could impact any decision.
5. What should Bob and Bonnie do?
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