Complete the following questions using Microsoft Word or Excel, as appropriate. Review the grading rubric to confirm you are meeting the assignment requirements.
Below are the balance sheet and income statement for Happy Hamburger Company. Happy Hamburger Company Balance Sheet as of December 31, 20XX Assets Liabilities and Shareholder Equity Cash 85,000 Accounts payable 145,000 Accounts Receivable 340,000 Current portion of debt 90,000 Inventories 250,000 Other current liabilities 114,000 Total current assets 675,000 Total current liabilities 349,000 Net fixed assets 360,000 Long-term debt 265,000 Total assets 1,035,000 Total liabilities 614,000 Common equity 421,000 Total liabilities & equity 1,035,000 Happy Hamburger Company Income Statement for the year ending December 31, 20XX Sales 1,810,000 Cost of goods sold 1,510,000