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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 $92,000 and its debt-to-assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts.

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Assets Current assets Cash 27,000 34,000 Accounts receivable 18,000 Inventory Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation Total long-term assets (38,000) 228,000 Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Notes payable Income tax payable 11,000 8,800 37,400 Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock 92,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

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