"The bookkeeper for Andy""s Country Music Bar went insane and left this incomplete balance sheet...."

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Question

Supply missing balance sheet numbers The bookkeeper for Andy’s Country Music Bar went insane and left this incomplete balance sheet. Andy’s working capital is $95,000 and its debt to assets ratio is 40 percent. Assets Current assets Cash $ 21,000 Accounts receivable 42,000 Inventory (A) Prepaid items 9,000 Total current assets (B) Long-term assets Building (C) Less: Accumulated depreciation (39,000) Total long-term assets 210,000 Total assets $ (D) Liabilities and Stockholders’ Equity Liabilities Current liabilities Accounts payable $ (E) Notes payable 12,000 Income tax payable 10,500 Total current liabilities 37,500 Long-term liabilities Mortgage payable (F) Total liabilities (G) Stockholders’ equity Common stock 105,000 Retained earnings (H) Total stockholders’ equity Total liabilities and stockholders’ equity (I) $ (J) Required Complete the balance sheet by supplying the missing amounts.

 

Solution ID:565846 | This paper was updated on 26-Nov-2015

Price : $24
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