Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

43) A firm provided the following list of liability balances at year-end: Accounts Payable $13,000 Employee Health Insurance Payable 1,050 Employee Income Tax Payable 800

43) A firm provided the following list of liability balances at year-end: Accounts Payable $13,000 Employee Health Insurance Payable 1,050 Employee Income Tax Payable 800 Estimated Warranty Payable (Due 2026) 1,000 Long-Term Notes Payable (Due 2028) 39,000 FICA-OASDI Taxes Payable 1,260 Sales Tax Payable 370 Mortgage Payable (Due 2029) 8,000 Bonds Payable (Due 2030) 53,000 Current Portion of Long-Term Notes Payable What is the total amount of long-term liabilities? 10,500 A) $47,000 B) $100,000 C) $92,000 D) $39,000 44) The debt-to-equity ratios of four firms are given below: Lewis, Inc. 1.30 Jackson, Inc. 1.50 Jones Corp. 0.88 Roberts Corp. 0.92 Which of these firms has the greatest financial risk? A) Lewis, Inc. B) Jackson, Inc. C) Jones Corp. D) Roberts Corp. 45) Taylor Company provided the following account balances at year-end: Total Assets . Total Current Liabilities $420,000 $ 73,000 Total Long-term Liabilities $ 50,000 Calculate the debt-to-equity ratio. (Round your answer to two decimal places.) A) 0.29 B) 0.25 C) 0.17 D) 0.41

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Becoming An Unstoppable Woman In Finance 29 Strategic Financial Experts

Authors: Hanna Olivas, Adriana Luna Carlos, Heather Stokes, Lisa Chastain, Jennifer Lara, Shannon Lavenia, Althia Lopez, Heather Jackson, Annette Morris, Rebecca Chandler

1st Edition

979-8986936703

More Books

Students also viewed these Accounting questions

Question

Do you have any future plans for marriage and children?

Answered: 1 week ago