2.	What amount of cash is paid on the maturity date of the note?

3.

Indicate the impact of each transaction (increase, decrease, and NE for no effect) on the debt-to-assets ratio. Assume Bryant Company had $510,000 in total liabilities and $710,000 in total assets, yielding a debt-to-assets ratio of 0.72, prior to each transaction. (Round your answer to 2 decimal places.)

Return to question Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $28,500. The company uses a perpetual inventory system. b. On March 1, borrowed $61,000 cash from City Bank and signed a promissory note with a face amount of $61,000, due at the end of six months, accruing interest at an annual rate of 9.50 percent, payable at maturity. Required: 1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation. (Enter any decreases to account balances with a minus sign.) Answer is complete and correct. Assets = Liabilities + Stockholders' Equity Date January 10 March 1 28,500 Inventory Cash Accounts Payable Note Payable 28,500 61,000 61,000 2. What amount of cash is paid on the maturity date of the note? X Answer is not complete. Cash Paid 3. Indicate the impact of each transaction (increase, decrease, and NE for no effect) on the debt-to-assets ratio. Assume Bryant Company had $510,000 in total liabilities and $710,000 in total assets, yielding a debt-to-assets ratio of 0.72, prior to each transaction. (Round your answer to 2 decimal places.) X Answer is not complete. a. Impact Debt-to-Assets Increases to Debt-to-Assets Decreases to b