The bookkeeper for Franklins Country Music Bar left this incomplete balance sheet. Franklins working capital...
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Accounting
The bookkeeper for Franklins Country Music Bar left this incomplete balance sheet. Franklins working capital is $96,000 and its debt to assets ratio is 40 percent.
Required Complete the balance sheet by supplying the missing amounts.
$ 26,000 40,000 19,000 Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets (29,000) 220,000 10,000 9,300 37,000 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 92,000
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