Case: Cloutier Inc. Cloutier Inc., set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Bryan

Cloutier. You were hired to account for transactions for the month of June 2023, complete month end processing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at May 31, 2023, is presented below. Assets Cash Cloutier Inc. Classified Balance Sheet As at May 31, 2023 Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Long-Term Assets Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue Salaries Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Customers and balances Lance Inc Knot Inc. Mcdo Inc. Giffo Inc. Promod Inc. Total $72,560 25,480 38,000 7,200 166,000 -81,000 $30,790 $14,500 $8,250 19,980 $6,250 $8,610 $5,570 $3,050 $2,000 143,240 85,000 $228,240 $73,520 29.970 $103,490 81,600 43,150 124.750 $228,240 Suppliers and Balances Zalora Co Mango Corp. Levis Co. Total $25,480 The bank loan has an annual interest rate of 9% and has monthly principal payment of $1,665. $16,730 $7,820 $6.240 $30,790 Page 1