Uncle Ernie's forgetful accountant, Billy Bailey gave you the following balance sheet complete the parts that...

 

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Uncle Ernie's forgetful accountant, Billy Bailey gave you the following balance sheet complete the parts that Billy Bailey left-out (i.e., determine the total assets, total liabilities, owner's equity and liabilities & net worth) Assets Current Cash Inventory Accounts receivable Total Fixed Property Building Store fixtures Equipment Total assets Total $25,000 52,000 133,500 $210,500 $225,000 175,000 14,550 2,550 $417,100 Liabilities Current Payroll Taxes Accounts Payable Short-term Loan Fixed Mortgage Long-term loan Total Liabilities Total Owner's Equity Total Liabilities & Net worth $12,000 15,000 40,000 1,050 $68,050 $175,000 85,000 $260,000 000 Uncle Ernie's forgetful accountant, Billy Bailey gave you the following balance sheet complete the parts that Billy Bailey left-out (i.e., determine the total assets, total liabilities, owner's equity and liabilities & net worth) Assets Current Cash Inventory Accounts receivable Total Fixed Property Building Store fixtures Equipment Total assets Total $25,000 52,000 133,500 $210,500 $225,000 175,000 14,550 2,550 $417,100 Liabilities Current Payroll Taxes Accounts Payable Short-term Loan Fixed Mortgage Long-term loan Total Liabilities Total Owner's Equity Total Liabilities & Net worth $12,000 15,000 40,000 1,050 $68,050 $175,000 85,000 $260,000 000

Answer rating: 100% (QA)

To complete the balance sheet we need to determine the missing values for total assets total liabili... View the full answer