Final answer:
To calculate the merchandise and current account balances, different pieces of information are needed. The merchandise balance is typically assessed by the value of goods available for sale minus the cost of goods sold, and the current account balance is the sum of Exports, Imports, and Balance columns. With the assets and liabilities provided, it seems that Wildhorse Fashion Center has a negative current account balance.
Step-by-step explanation:
When working on a trial balance like in the case of Wildhorse Fashion Center, calculating the merchandise balance and current account balance are essential tasks for accounting. To calculate the merchandise balance, you would typically assess the value of goods available for sale at the end of an accounting period. The current account balance involves summing up the columns for Exports, Imports, and Balance as pointed out in the instruction provided to 'sum up your columns for Exports, Imports, and Balance'. According to the following information provided: Assets - reserves 30, bonds 50, and loans 50; Liabilities - deposits 300 and equity 30.
The merchandise balance would often be determined by the difference between the total sales and the cost of goods sold during the accounting period. This figure, however, isn't directly calculable from the information provided. As for the current account balance, it would be computed by subtracting the liabilities from the assets. With the data given, assets total to 130 (Reserves 30 + Bonds 50 + Loans 50) and liabilities total to 330 (Deposits 300 + Equity 30), which means the current account balance would be a negative 200, indicating the entity owes more than it owns in assets.
It also seems that there is a specific balance sheet referred to as Figure 27.7 showing the balance sheet of Singleton Bank with $1 million in reserves and a $9 million loan to Hank's Auto Supply with $10 million in deposits. This indicates a change in assets, but without further context or a complete list of assets and liabilities, it is not possible to calculate the business's actual merchandise balance or current account balance.