Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

3.42 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

Assets Current Assets 26000 42000 46100 Cash Accounts Receivables Inventory Prepaid Expense 19000 To... 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

Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old

7th edition

978-0077632427, 77632427, 78025656, 978-0078025655

More Books

Students also viewed these Accounting questions

Question

Briefly explain the concept of fund accounting.

Answered: 1 week ago