American Laser, Incorporated, reported the following account balances on January 1. Credit Debit $ 5,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital $ 30,000 90,000 2,000 Allowance for Doubtful Accounts Bonds Payable 0 Buildings 247,000 10,000 Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) 10,000 10,000 120,000 Retained Earnings Treasury Stock TOTALS $ 262,000 $ 262,000 The company entered into the following transactions during the year. January 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. March 15 Reissued 2,000 shares of treasury stock for $24,000 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $230,000 of service revenue, all of which was collected in cash. December 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Assets Classified Balance Sheet At December 31 Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Total Current Assets Buildings Accumulated Depreciation-Buildings Total Assets Liabilities and Stockholders' Equity Liabilities Current Liabilities Dividends Payable Total Current Liabilities Noncurrent Liabilities Notes Payable (long-term) Bonds Payable Premium on Bonds Payable Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Contributed Capital Common Stock Additional Paid-In Capital, Common Stock Retained Earnings Total Stockholders' Equity Total Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity |+| |+ + |+ 44 $ $ $ 183,600 6,500 (500) 0 189,600 247,000 (50,000) 386,600 14,600 0 14,600 10,000 100,000 1,000 0 111,000 125,600 15,000 135,000 125,400 275,400 275,400 (4,400) 271,000 396,600 General General Requirement Trial Balance Balance Sheet Debt to Assets Ratio Journal Ledger Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. (Round your answer to 1 decimal place.) Calculate the debt-to-assets ratio at December 31. 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