Carlos Ramirez and Camila Garza organized New World Book Store as a corporation, each contributed $80,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 3. Current year on that date, the following financial items for the year were determine; December 31, current year, cash on hand and in bank, $75,600, December 31, current year, amounts due from customers from sales of books, $39,000, unused portion of store and office equipment. $73,000. December 31, current year amounts owed to publishers for books purchased $12,000 one-year note payable to a local bank for $3,000 with interest due of $300. No dividends were declared or paid to the stockholders during the year.

Complete a balance sheet as of the end of current year.

New world bookstore

Balance sheet

At December 31, current year

Assets Liabilities

Cash Accounts payable

Accounts receivable Note payable

store and office equipment Interest payable

Total Liabilities

Stockholders Equity

Common stock

Retained earning

Total stockholder equity

Total liabilities and stockholders equity