Question

Gabriela Paola is the General Manager of Neptune Seafood House. On December 31, she is completing the year‐end balance sheet for her restaurant. She has already calculated the Assets portion of her balance sheet as well as some portions of the Liabilities and Owners' Equity sections. Complete Gabriel's balance sheet and then answer the questions that follow: Neptune Seafood House December 31, Balance Sheet

TOTAL ASSETS		$450,000
LIABILITIES AND OWNERS' EQUITY
Current Liabilities
Accounts Payable	$26,100
Payroll Taxes Payable	9,100
Sales Taxes Payable	15,100
Gift Cards Payable	2,400
Accrued Expenses	9,100
Current Portion, Long‐Term Debt	13,600
Total Current Liabilities
Long Term Debt, Net of Current Portion
Total Liabilities		$225,650
Owners' Equity
Original Investment	$30,000
Retained Earnings
Total Equity		$174,850
TOTAL LIABILITIES AND OWNERS' EQUITY		$400,500

1. What is the amount of the operation's Long Term Debt, Net of Current Portion?
2. What is the amount of the operation's Retained Earnings?

Answer 1

December 31, Balance Sheet
TOTAL ASSETS		$       4,50,000
LIABILITIES AND OWNERS' EQUITY
Current Liabilities
Accounts Payable	$           26,100
Payroll Taxes Payable	$             9,100
Sales Taxes Payable	$           15,100
Gift Cards Payable	$             2,400
Accrued Expenses	$             9,100
Current Portion, Long‐Term Debt	$           13,600
Total Current Liabilities		$           75,400
Long Term Debt, Net of Current Portion [225650-75400]		$       1,50,250
Total Liabilities		$       2,25,650
Owners' Equity
Original Investment	$           30,000
Retained Earnings [174850-30000]	$       1,44,850
Total Equity		$       1,74,850
TOTAL LIABILITIES AND OWNERS' EQUITY		$       4,00,500