The following Information applies to the questions displayed

The following Information applies to the questions displayed below. Carlos Ramirez and Camlla Garza organized New World Book Store as a corporatlon; each contributed $71,800 cash to start the business and recelved 4,500 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and In the bank, $69,650; December 31, current year, amounts due from customers from sales of books, $42,500; unused portion of store and office equipment, $72,500; December 31, current year, amounts owed to publishers for books purchased, $13,500; one-year note payable to a local bank for $3,500, with Interest due of $210. No dlvidends were declared or paid to the stockholders during the year value: Required information 3.00 polnts Required 1. Complete the following balance sheet as of the end of current year, Some information has been given below NEW WORLD BOOK STORE Balance Sheet At December 31, Current Year Assets Liabilities Cash Accounts receivable Store and office equipment Accounts payable Note payable Interest payable 210 Total liabilities 210 Stockholders Equlty Common stock 23.840 S 23,840 24,050 Retained eanings Total stockholders\' equity 0 Total liabilities and stockholders\' equity Total assets

Solution

Assets Liabilities Cash 69650 Accounts Payable 13500 Accounts Receivable 42500 Note payable 3500 Store and office equipment 72500 Interest payable 210 Total liabilities 17210 Stockholders\' equity Common stock 143600 Retained Earnings 23840 Total Stockholders\' equity 167440 Total assets 184650 Total liabilities and Stockholders\' equity 184650