The bookkeeper for Thornton's Country Music Bar left this incomplete balance sheet. Thornton's working capital...
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Accounting
The bookkeeper for Thornton's Country Music Bar left this incomplete balance sheet. Thornton's working capital is $96,000 and its debt to assets ratio is 50 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash $ 24,000 36,000 55,300 17,000 132,300 Accounts receivable Inventory Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable 252,000 (37,000) 215,000 $ 347,300 $ 19,700 $ 19,700 8,000 8,600 36,300 Accounts payable Notes payable Income tax payable Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity (173,650) 36,300 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 101,000 36,350 137,350 $ 274,700
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