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100 polnts The balanoe sheet far Shaver Corparation rrportrd thr following: cash, $6,000; short tem investmerts, currant lablibes, $40,0C0: notes paysbla (lorgarm, STD00; totel stockholdars ecuty S30.00; net Income. $3,320; interest expanse, 54,400 Income betore Income texes, 55,280. 1. Compute Shavers raht-m-assats ratio and timas ntr:earnd ratia. (Round your answers to2 declmal places.) places.) nebt- Deht to Assets Times Intarnst Earred RAto 2-a. Based on these ratios, doee it appear Shaver reies mainly on cebt or equity to finance is geeels? Delbt Eruity 2-b, s It probable that Shaver wl be able to meat Its tubure Interest obligetions? No 3.00 points Lakeview Carpay ompleter the fellewing two transa Drcemaer 31 The anl acccuntirg period ends a. On December 3, calculated the payral, wch indicatrs grass earnings for wages ($58 0C0), payro dedumians fr incomc tax(S5,G0, payrmll nedutiars for FICA(4,20), payrall dediactians far American Cancer Society IS2.1a0%mnloyer o ntributions tor FICA(matching),an, state and taceral unemployment taxes ($420) Emplcyeas were psld n cesh, but payments tor the corresponcing payroll deductions heve rot yet been made snd empoyer taxee have not yet been recorded. b. Collected rent revenue of $5,550 on December 10 for oflice spece lWhal Lakeview rented to anoher business. Therent colecied was far 30 days fruin December 12 u Jnuary 10 und was cr diled in full Uneamed Rent Raveue Required: Complete the requred joumal entries tor the above transecions as shwn balow 2. (l) Prepare tha entrias required on Decamber 31 to recond peryrol ill Prepene the oumal entry tor the colection or rent on December 10. (ii] Prepere the adusting journal entry on December 31 (Do not round intermediate calculations. If no entry is required for a transactionvevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the wages expense, including payrall deductions. Date Debit Credit ak Hammer Company campleted the fallawing transactiars. The aual accounting periad erds Dcoamaer 31 Apr. 30 Received SB52.000 frum Carmierte Dark aner signing 12-morth. 7.5 percen, prmissury Ju Purchased merthandse on nccourt at a cost f $98,0n0. (Asumn a partunl inwenbary July 15 Pald for the Jun 6 purchase ystam Aug. 31 Signed acotract to provide eecurity service to 9 smell 0srtment complex gnd coleced De. 31 Determired salary and wages of S1,000 were earred but rnet yel paid as of December 31 Den. 31 Adjusted thn arrnunts at year-end, ralating to interest. monlhe' feee in advarce amounting to 534,500. (Use an accoun! called Uneamed Revenue.) igaepayrall taxes dea, 31 Adjustad the acccunts at year-end, ralaing to secunty sarice Required: . Frr carh listed transaction an relatd adjustirg ntry, indizae the auts, amunts, and effeats on th 0001.mting tion. {Do not round intermediato calculations. Enter any dgcreases to account balances with a minus sign. Enter your answers In transaction order provided In the problem Llabilities Apr. 31 Juna 6 July 15 Alug. 31 Dac. 31 Dac. 31 Dac. 31 2. For each iem, incicain whathar the rat-to-assats ratio is incrnasan ar cecmased orthere is no change Assume Jack Hammers deb1-10-8880ts ratlo is less than 10Enter your answers In transaction order provided In the problem tatement] Juna 6 July 15
