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Baggett Company's balance sheet accounts and amounts as of December 31, 2016, are shown in random order as follows: Account Debit (Credit) Account Debit (Credit)
Baggett Company's balance sheet accounts and amounts as of December 31, 2016, are shown in random order as follows:
Account | Debit (Credit) | Account | Debit (Credit) | |
Income Taxes Payable | $(3,800) | Additional Paid-in Capital on Preferred | ||
Prepaid Items | 1,800 | Stock | $(7,900) | |
Additional Paid-in Capital on Common Stock | (9,300) | Allowance for Doubtful Accounts | (1,600) | |
Land | 12,200 | Bonds Payable (due 2020) | (23,000) | |
Notes Payable (due 2019) | (6,000) | Buildings | 57,400 | |
Notes Receivable (due 2018) | 16,400 | Sinking Fund to Retire Bonds Payable | 5,000 | |
Accounts Receivable | 12,600 | Advances from Customers (long-term) | (2,600) | |
Premium on Bonds Payable | (1,400) | Cash | 4,300 | |
Accounts Payable | (13,100) | Accumulated Depreciation: Equipment | (9,700) | |
Inventory | 7,400 | Retained Earnings | (18,300) | |
Accumulated Depreciation: Buildings | (21,000) | Preferred Stock, $100 par | (18,600) | |
Patents (net) | 4,600 | Wages Payable | (1,400) | |
Equipment | 28,700 | Common Stock, $10 par | (12,700) |
Required:
1. Prepare a December 31, 2016 balance sheet for the Baggett.
Baggett Company | |||
Balance Sheet | |||
December 31, 2016 | |||
Assets | |||
Current Assets: | |||
$ | |||
$ | |||
$ | |||
Long-Term Investments: | |||
$ | |||
Property, Plant, and Equipment: | |||
$ | |||
$ | |||
$ | |||
Intangible Assets: | |||
Liabilities | |||
Current Liabilities: | |||
$ | |||
$ | |||
Long-Term Liabilities: | |||
$ | |||
$ | |||
Other Liabilities: | |||
Shareholders' Equity | |||
Contributed Capital: | |||
$ | |||
$ | |||
$ | |||
$ |
2. Compute the debt-to-assets ratio. Round to one decimal place. Do not enter a percent sign (%) as part of your answer. %
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