The bookkeeper for Adams's Country Music Bar left this incomplete balance sheet. Adams's working capital is $108,000 and its debt- to-assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash 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 Notes payable Income tax payable Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 29,000 36,000 16,000 (40,000) 230,000 12,000 9,000 35,900 104,000
The bookkeeper for Adams's Country Music Bar left this incomplete balance sheet. Adams's working capital is $108,000 and its debt- to-assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash 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 Notes payable Income tax payable Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 29,000 36,000 16,000 (40,000) 230,000 12,000 9,000 35,900 104,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The bookkeeper for Adams's Country Music Bar left this incomplete balance sheet. Adams's working capital is $108,000 and its debt-
to-assets ratio is 40 percent.
Required
Complete the balance sheet by supplying the missing amounts.
Assets
Current assets
Cash
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
Notes payable
Income tax payable
Total current liabilities
Long-term liabilities
Mortgage payable
Total liabilities
Stockholders' equity
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
$
29,000
36,000
16,000
(40,000)
230,000
12,000
9,000
35,900
104,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F69ae1dd6-3615-4a1a-a17e-22e8401cf941%2Ffc385c68-63c4-4693-bff9-0b6383abbe38%2Fxpdf90a_processed.png&w=3840&q=75)
Transcribed Image Text:The bookkeeper for Adams's Country Music Bar left this incomplete balance sheet. Adams's working capital is $108,000 and its debt-
to-assets ratio is 40 percent.
Required
Complete the balance sheet by supplying the missing amounts.
Assets
Current assets
Cash
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
Notes payable
Income tax payable
Total current liabilities
Long-term liabilities
Mortgage payable
Total liabilities
Stockholders' equity
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
$
29,000
36,000
16,000
(40,000)
230,000
12,000
9,000
35,900
104,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education