[The following information applies to the questions displayed below.] Bennett Griffin and Chula Garza organized Cole...

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[The following information applies to the questions displayed below.] Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,400 cash to start the business and received 6,000 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $68,450; December 31, current year, amounts due from customers from sales of books, $40,500; unused portion of store and office equipment, $73,000; December 31, current year, amounts owed to publishers for books purchased, $12,600; one-year note payable to a local bank for $3,600. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of current year. Some information has been given below. COLE VALLEY BOOK STORE Balance Sheet Assets Liabilities Cash Accounts receivable $ 68,450 Accounts payable $ 12,600 40,500 Note payable 3,600 Store and office equipment 73,000 Interest payable 160 Total liabilities $ 16,360 Stockholders' Equity Common stock $ 140,800 Retained earnings 24,790 Total stockholders' equity $ 165,590 Total assets $ 181,950 Total liabilities and stockholders' equity $ 181,950 [The following information applies to the questions displayed below.] Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,400 cash to start the business and received 6,000 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $68,450; December 31, current year, amounts due from customers from sales of books, $40,500; unused portion of store and office equipment, $73,000; December 31, current year, amounts owed to publishers for books purchased, $12,600; one-year note payable to a local bank for $3,600. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of current year. Some information has been given below. COLE VALLEY BOOK STORE Balance Sheet Assets Liabilities Cash Accounts receivable $ 68,450 Accounts payable $ 12,600 40,500 Note payable 3,600 Store and office equipment 73,000 Interest payable 160 Total liabilities $ 16,360 Stockholders' Equity Common stock $ 140,800 Retained earnings 24,790 Total stockholders' equity $ 165,590 Total assets $ 181,950 Total liabilities and stockholders' equity $ 181,950