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The bookkeeper for Rundle's Country Music Bar left this incomplete balance sheet. Rundle's working capital is $100,000 and its debt to assets ratio is 40
The bookkeeper for Rundle's Country Music Bar left this incomplete balance sheet. Rundle's working capital is $100,000 and its debt to assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash $ 24,000 37,000 Accounts receivable Inventory 20,000 Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation (39,000) 222,000 Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Notes payable Income tax payable 12,000 9,500 36,200 Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock Retained earnings 97,000 Total stockholders' equity Total liabilities and stockholders' equity
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