31, 2010, is pre- of debt ratio (Learning Objective 7) 10-15 min, P9-44A. Calculation The classifed balance sheet for Tripke, Inc, as of December 31, 20 sented next. Tipke, Inc. Balance Sheet December 31, 2010 Current Liabilities: Current Assets Cash Accounts Receivable Supplies Prepaid Rent Total Current Assets 17,500 Accounts Payable 5,400 Salary Payable s 1,100 2,400 650 400 Unearned Service Revenue 3,600 Note Payable 10,000 14,150 26,900 Total Current Liabilities Long-Term Debt: Fixed Assets: Land Equipment 55,000 Mortgage Note Payable Bonds Payable 10,000 140,000 150,000 38,000 Total Long-Term Debt Stockholders' Equity: Retained Earnings Less Accumulated Depreciation, Equipment 8,000 30,000 Building Less Accumulated 225,000 Common Stock 20,000 122,750 142,750 Depreciation, Building 30,000 195,000 Total Stockholders' Equity 280,000 S306,900 Total Fixed Assets Total Assets Total Liabilities and Stockholders' Equity $306,900 Requirements 1. Calculate Tipke's debt ratio as of December 31, 2010. 2 What percentage of Tipke's assets belong to the stockholders? 3. Would you be willing to extend credit to Tipke, Inc.? Why or why not OBLEMS (GROUP B) 5B. Accounting for saOLU