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The bookkeeper for Fanning's Country Music Bar left this incomplete balance sheet. Fanning's working capital is $98,000 and its debt- to-assets ratio is 50 percent.
The bookkeeper for Fanning's Country Music Bar left this incomplete balance sheet. Fanning's working capital is $98,000 and its debt- to-assets ratio is 50 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash $ 28,000 38,000 Accounts receivable Inventory 9,000 Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation (40,000) Total long-term assets 216,000 Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Notes payable Income tax payable 6,000 9,900 36,400 Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity | Total liabilities and stockholders' equity 99,000
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