Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The bookkeeper for Zachary's Country Music Bar left this incomplete balance sheet. Zachary's working capital is $96,000 and its to-assets ratio is 50 percent. Required
The bookkeeper for Zachary's Country Music Bar left this incomplete balance sheet. Zachary's working capital is $96,000 and its to-assets ratio is 50 percent. Required Complete the balance sheet by supplying the missing amounts. \begin{tabular}{|l|l|} \hline Total current liabilities & \\ \hline Long-term liabilities & 35,500 \\ \hline Mortgage payable & \\ \hline Total liabilities & \\ \hline Stockholders' equity & 101,000 \\ \hline Common stock \\ \hline Retained earnings \\ \hline Total stockholders equity \\ \hline Total liabilities and stockholders equity \\ \hline \end{tabular} The bookkeeper for Zachary's Country Music Bar left this incomplete balance sheet. Zachary's working capital is $96,000 and its debtto-assets ratio is 50 percent. Required Complete the balance sheet by supplying the missing amounts. \begin{tabular}{|c|c|} \hline Total long-term assets & 210,000 \\ \hline Total assets & \\ \hline \multicolumn{2}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline \multicolumn{2}{|l|}{ Liabilities } \\ \hline \multicolumn{2}{|l|}{ Current liabilities } \\ \hline \multicolumn{2}{|l|}{ Accounts payable } \\ \hline Notes payable & 6,000 \\ \hline Income tax payable & 9,600 \\ \hline Total current liabilities & 35,500 \\ \hline \multicolumn{2}{|l|}{ Long-term liabilities } \\ \hline Mortgage payable & \\ \hline \multicolumn{2}{|l|}{TotalliabilitiesStockholdersequity} \\ \hline \multicolumn{2}{|l|}{StockholdersequityCommonstock} \\ \hline Common stock & 101,000 \\ \hline Retained earnings & \\ \hline Total stockholders' equity & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started