The bookkeeper for Rakov’s Country Music Bar left this incomplete balance sheet. Rakov’s working…
The bookkeeper for Rakov’s Country Music Bar left this incomplete balance sheet. Rakov’s working capital is $180,000 and its debt to assets ratio is 40 percent. Assets Current assets Cash…………….$ 42,000 Accounts receivable………..84,000 Inventory………………(A) Prepaid expenses…………18,000 Total current assets………….(B) Long-term assets Building………………(C) Less: Accumulated depreciation……(78,000) Total long-term assets………420,000 Total assets…………..$ (D) Liabilities and Stockholders’ Equity Liabilities Current liabilities Accounts payable………….$ (E) Notes payable…………..24,000 Income tax payable…………21,000 Total current liabilities……….75,000 Long-term liabilities Mortgage payable…………..(F) Total liabilities……………(G) Stockholders’ equity Common stock…………..210,000 Retained earnings…………..(H) Total stockholders’ equity………….(I) Total liabilities and stockholders’ equity…$ (J) Required Complete the balance sheet by supplying the missing amounts.
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