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The bookkeeper for Finch's Country Music Bar left this incomplete balance sheet. Finch's working capital is $108,000 and its debt to assets ratio is 40
The bookkeeper for Finch's Country Music Bar left this incomplete balance sheet. Finch's working capital is $108,000 and its debt to assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. $ 22,000 36,000 12,000 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 Liabilities Current liabilities Accounts payable Notes payable (41,000) 215,000 6,000 Total assets Liabilities and Stockholders' Equity Liabilities 6,000 8,700 36,300 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 95,000
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