Answered step by step
Verified Expert Solution
Question
1 Approved Answer
b. Prepare a pro forma balance sheet with any financing adjustment made to long-term debt. (Do not round intermediate calculations. Input all answers as positive
b. Prepare a pro forma balance sheet with any financing adjustment made to long-term debt. (Do not round intermediate calculations. Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Enter the answers in millions. Round the final answers to 2 decimal places.) Assets Balance Sheet ($ millions) Liabilities and Shareholders' Equity Accounts payable Cash Accounts receivable Accrued wages Accrued taxes Inventory + Current assets Current liabilities Capital Assets Long-term debt Common stock Retained earnings Total assets Total liabilities and shareholders' equity c. Calculate the current ratio and total debt to assets ratio for each year. (Do not round intermediate calculations. Round the final answers to 1 decimal places.) Year 1 Year 2 Current ratio Total debt / assets % X % b. Prepare a pro forma balance sheet with any financing adjustment made to long-term debt. (Do not round intermediate calculations. Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Enter the answers in millions. Round the final answers to 2 decimal places.) Assets Balance Sheet ($ millions) Liabilities and Shareholders' Equity Accounts payable Cash Accounts receivable Accrued wages Accrued taxes Inventory + Current assets Current liabilities Capital Assets Long-term debt Common stock Retained earnings Total assets Total liabilities and shareholders' equity c. Calculate the current ratio and total debt to assets ratio for each year. (Do not round intermediate calculations. Round the final answers to 1 decimal places.) Year 1 Year 2 Current ratio Total debt / assets % X %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started