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The bookkeeper for Rundle's Country Music Bar left this incomplete balance sheet. Rundle's working capital is $103,000 and its debt- to-assets ratio is 40 percent.
The bookkeeper for Rundle's Country Music Bar left this incomplete balance sheet. Rundle's working capital is $103,000 and its debt- to-assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash $ 23,000 34,000 Accounts receivable Inventory Prepaid expenses Total current assets 15,000 Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities (43,000) 222,000 Current liabilities Accounts payable Notes payable Income tax payable 12,000 8,900 36,500 Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock 100,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity
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