13-20A Supply missing balance sheet numbers The bookkeeper for Lowells Country Music Bar left this incomplete balance sheet. Lowells working capital is $90,000 and its debt to assets ratio is 40 percent. Assets Current assets Cash. $ 21,000 Accounts receivable Inventory 42,000 Inventory (A) Prepaid expenses 9,000 Total current assets (B) Long-term assets Building (C) Less: Accumulated depreciation (39,000) Total long-term assets 210,000 Total assets (D) Liabilities and Stockholders Equity Liabilities. Current liabilities Accounts payable $ (E) Notes payable 12,000 Income tax payable. 10,500 Total current liabilities 37,500 Long-term liabilities Mortgage payable (F) Total liabilities. (G ) Stockholders equity Common stock 105,000 Retained earnings. (H) Total stockholders equity. (I) Total liabilities and stockholders equity (J) Complete the balance sheet by supplying the missing amounts. Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally presented managerial accounting reports are not? Case Analysis How can a misstatement in one financial statement, whether intentional or not, affect a presentation in another financial statement? Give an example of an error that occurs on one financial statement and the error flows through to a second financial statement