Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The bookkeeper for Finch's Country Music Bar left this incomplete balance sheet. Finch's working capital is $101.000 and its debt to assets ratio is 40

image text in transcribed
image text in transcribed
The bookkeeper for Finch's Country Music Bar left this incomplete balance sheet. Finch's working capital is $101.000 and its debt to assets ratio is 40 percent Required Complete the balance sheet by supplying the missing amounts. $ 24.000 37.000 Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Long-term assets Building Less Accumulated depreciation Total long-term assets Total assets Liabilities and Stockholders Equity 15 0001 135 000 210 000 Search PM (35,000) 210,000 Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Notes payable Income tax payable Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 12.000 8.900 37,300 95 000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Avoid IRS Audits

Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.

1st Edition

1530746477, 978-1530746477

More Books

Students also viewed these Accounting questions

Question

Why ethics is so important in business communication.

Answered: 1 week ago

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago