American Laser, Inc., reported the following account balances on January 1. Credit Debit 5,000 $ $ 30,000 90,000 2,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 247,000 10,000 10,000 10,000 120,000 $262,000 $262,000 The company entered into the following transactions during the year. Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $230,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Requirement General Journal General Ledger Trial Balance Balance Sheet Debt to Assets ial Balance Balance Sheet Ratio Use the dropdowns to select the accounts properly included on the classified balance sheet. However, you will need to enter the amount of Retained earnings. At the end of the year, the adjusted net income was $20,000. AMERICAN LASER, INC Classified Balance Sheet At December 31 Assets Current Assets Cash $ 189,600 Total Current Assets Buildings 189,600 247,000 (40,000) 396,600 | $ Accumulated DepreciationBuildings Total Assets Liabilities and Stockholders' Equity Liabilities Current Liabilities Dividends Payable 14,600 Total Current Liabilities 14,600 Noncurrent Liabilities Bonds Payable Premium on Bonds Payable 100,000 1,000 10,000 111,000 Notes Payable (long-term) Total Noncurrent Liabilities Total Liabilities Stockholders' Equity 125,600 Cash $ 189,600 Total Current Assets Buildings 189,600 247,000 247 (40,000) 396,600 Accumulated Depreciation Buildings Total Assets Liabilities and Stockholders' Equity Liabilities Current Liabilities Dividends Payable 14,600 0 14,600 Total Current Liabilities Noncurrent Liabilities Bonds Payable Premium on Bonds Payable 100,000 1,000 Notes Payable (long-term) Total Noncurrent Liabilities Total Liabilities Stockholders' Equity 10,000 111,000 125,600 Common Stock Additional Paid-In Capital, Common Stock 15,000 135,000 150,000 Total 150,000 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 150,000 275,600 $ Requirement General Journal General Ledger Debt to Assets Trial Balance Balance Sheet Ratio Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. Calculate the debt-to-assets ratio at December 31. (Round your answer to 2 decimal places.) Debt to Assets Ratio Does the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? More Less