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The bookkeeper for Rooneys Country Music Bar left this incomplete balance sheet. Rooneys working capital is $96,000 and its debt to assets ratio is 30
The bookkeeper for Rooney’s Country Music Bar left this incomplete balance sheet. Rooney’s working capital is $96,000 and its debt to assets ratio is 30 percent.
Required
Complete the balance sheet by supplying the missing amounts.
Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash 2$ 26,000 Accounts receivable 42,000 Inventory Prepaid expenses 19,000 Total current assets Long-term assets Building Less: Accumulated depreciation (40,000) Total long-term assets 214,000 Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Notes payable 6,000 Income tax payable 10,200 Total current liabilities 37,100 Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock 91,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity
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Assets Current Assets 26000 42000 46100 Cash Accounts Receivables Inventory Prepaid Expense 19000 To...Get Instant Access to Expert-Tailored Solutions
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