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A Careless Accountant Splattered Spaghetti Sauce on Kitchen Company's Balance

Question 145

Essay

A careless accountant splattered spaghetti sauce on Kitchen Company's balance sheet.The balance sheet with its missing amounts is provided below: AssetsCurrent Assets:Cash$32,200 Accounts receivable  (A)  Inventory 85,100 Prepaid expenses 13,800 Total current assets  (B)  Long Term Assets:  Building  (C)  Less: Accumulated depreciation 59,800 Total Long-term assets $328,900 Total assets  (D)  Eonities Liabilities Current liabilities: Accounts payable$16,100 Notes payable (E) Income tax payable 18,400 Total current liabilities $57,500 Mortgage payable (F) Total Liabilities (G) Stockholders’ Equity:  Common Stock 161,000 Retained Earnings 195,900 Total Stockholders’ Equity (H) Total Liabilities + Equity  (I) \begin{array}{|l|c|}\hline \text {Assets} \\\hline \text {Current Assets:} \\\hline \text {Cash}& \$ 32,200 \\\hline \text { Accounts receivable } & \text { (A) } \\\hline \text { Inventory } & 85,100 \\\hline \text { Prepaid expenses } & \underline{13,800} \\\hline \text { Total current assets } & \text { (B) } \\\hline\\\hline \text { Long Term Assets: } & \\\hline \text { Building } & \text { (C) } \\\hline \text { Less: Accumulated depreciation } & 59,800 \\\hline \text { Total Long-term assets } & \underline{\$ 328,900}\\\hline \text { Total assets } &\text { (D) }\\\hline\\\hline \text { Eonities }\\\hline \text {Liabilities }\\\hline \text {Current liabilities: }\\\hline \text {Accounts payable}& \$ 16,100 \\\hline \text { Notes payable } & (\mathrm{E}) \\\hline \text { Income tax payable } & \underline{18,400} \\\hline \text { Total current liabilities } & \$ 57,500 \\\hline \text { Mortgage payable } & \underline{(\mathrm{F})} \\\hline \text { Total Liabilities } & (\mathrm{G})\\\hline\text { Stockholders' Equity: }\\\hline \text { Common Stock } & 161,000 \\\hline \text { Retained Earnings } & \underline{195,900} \\\hline \text { Total Stockholders' Equity } & \underline{(H)} \\\hline \text { Total Liabilities + Equity } & \underline{\text { (I) }}\\\hline\end{array} Kitchen Company's working capital is $138,000.
Required:
Compute the missing amounts.Record your answers in the following table: A.B.C.D.E.F.G.H.I.\begin{array}{l}\begin{array}{|l|}\hline A.\\\hline B.\\\hline C.\\\hline D.\\\hline E.\\\hline \end{array}\begin{array}{lll}\hline \\\hline \\\hline \\\hline \\\hline \\\hline\end{array}\begin{array}{|l|}\hline F.\\\hline G.\\\hline H.\\\hline I.\\\hline \\\hline\end{array}\begin{array}{l|}\hline \\\hline \\\hline \\\hline \\\hline \\\hline\end{array}\end{array}

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