Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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. %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health And Safety Environment And Quality Audits

Authors: Stephen Asbury

3rd Edition

0815375395, 978-0815375395

More Books

Students also viewed these Accounting questions

Question

Discuss the goals of financial management.

Answered: 1 week ago