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The bookkeeper for Solomon's Country Music Bar left this incomplete balance sheet. Solomon's working capital is $94,000 and its debt-to-assets ratio is 50 percent. Required
The bookkeeper for Solomon's Country Music Bar left this incomplete balance sheet. Solomon's working capital is $94,000 and its debt-to-assets ratio is 50 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash $ 28,000 40,000 Accounts receivable 19,000 (38,000) 219,000 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 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 10,000 9,700 36,300 91,000
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