1. Prepare a Balance Sheet

Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of Meadows Company on December 31, 2019: Debits Credits Accounts Payable $ 9,800 Accounts Receivable $ 19,000 Accrued Payables 6,600 Accumulated Depreciation 44,000 Accumulated Other Comprehensive Loss 1,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 174,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed 7,000 General Expenses 27,560 Income Tax Expense 12,340 Income Taxes Payable 7,500 Interest Expense 4,300 Inventories 32,000 Investment in Held-to-Maturity Bonds 36,000 Long-Term Debt 56,600 Long-Term Receivables 38,600 Marketable Securities (short-term) 11,200 Patents (net) 13,000 Prepaid Insurance 5,000 Property, plant, and Equipment 148,000 Retained Earnings, 1/1/19 65,500 Sales 270,000 Selling Expenses 21,500 $558,900 $558,900 2. Next Level Compute the debt-to-assets ratio. Round your answer to two decimal places. % What does it indicate about Meadows at the end of 2019? Round your answer to two decimal places. This ratio reveals that only % of Meadows's have been financed with debt