March 28, 2015

Homework Help: ACCT 2100

Posted by Jimmy D on Sunday, April 28, 2013 at 8:59pm.

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.

Complete the balance sheet by supplying the missing amounts. (Round your answers to the nearest whole dollar amount. Omit the "$" sign in your response.)

Current Assets
Cash $21,000
Accounts Receivable 42,000
Inventory________ $
Prepaid Expenses 9,000

Total Current Assets________ $

Long-Term Assets
Building ___________$
Less: Accumulated Depreciation (39,000)

Total Long-Term Assets 210,000

Total Assets______________ $

Liabilities and Stockholder's Equities
Current Liabilities
Accounts Payable_________ $
Notes Payable 12,000
Income Tax Payable 10,500

Total Current Liabilities 37,500
Long-Term Liabilities
Mortgage Payable________ $

Total Liabilities___________ $

Stockholders’ Equity
Common Stock 105,000
Retained Earnings________ $

Total Stockholders’ Equity__________ $

Total Liabilities and Stockholders’ Equity___________ $

Any help is greatly appreciated! Been working on it for hours!

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