The bookkeeper for Jordan's Country Music Bar left this incomplete balance sheet. Jordan's working capital is $105,000 and its debt to assets ratio is 40 percent
Required
Complete the balance sheet by supplying the missing amounts.
Assets
Current assets
Cash
$ 26,000
Accounts receivable
42,000
Inventory
Prepaid expenses
16,000
Total current assets
Long-term assets
Building
Less: Accumulated depreciation
(33,000)
Total long-term assets
219,000
Total assets
Liabilities and Stockholders' Equity
Liabilities
Current liabilities
Accounts payable
$ 20,300
Notes payable
6,000
Income tax payable
10,100
Total current liabilities
36,400
Long-term liabilities
Mortgage payable
Total liabilities
Stockholders' equity
Common stock
95,000
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
