The bookkeeper for Rooney's Country Music Bar left this incomplete balance sheet. Rooney's working capital...

50.1K

Verified Solution

Question

Accounting

image
image
The bookkeeper for Rooney's Country Music Bar left this incomplete balance sheet. Rooney's working capital is $107,000 and its debtto-assets ratio is 50 percent. Required Complete the balance sheet by supplying the missing amounts. \begin{tabular}{|c|c|} \hline Inventory & \\ \hline Prepaid expenses & 14,000 \\ \hline \multicolumn{2}{|l|}{ Total current assets } \\ \hline \multicolumn{2}{|l|}{ Long-term assets } \\ \hline \multicolumn{2}{|l|}{ Building } \\ \hline Less: Accumulated depreciation & (30,000) \\ \hline Total long-term assets & 223,000 \\ \hline \multicolumn{2}{|l|}{ Total assets } \\ \hline \multicolumn{2}{|l|}{ Liabilities and Stockholders' Equity } \\ \hline \multicolumn{2}{|l|}{ Liabilities } \\ \hline \multicolumn{2}{|l|}{ Current liabilities } \\ \hline \multicolumn{2}{|l|}{ Accounts payable } \\ \hline Notes payable & 5,000 \\ \hline Income tax payable & 10,100 \\ \hline Total current liabilities & 35,900 \\ \hline \multicolumn{2}{|l|}{ Long-term liabilities } \\ \hline \multicolumn{2}{|l|}{ Mortgage payable } \\ \hline \multicolumn{2}{|l|}{ Total liabilities } \\ \hline \multicolumn{2}{|l|}{ Stockholders' equity } \\ \hline Common stock & 104,000 \\ \hline \multicolumn{2}{|l|}{ Retained earnings } \\ \hline Total stockholders' equity & \\ \hline Total liabilities and stockholders' equity & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students