Bryant Company sells a wide range of inventorios, which are inilially purchasod on account Occasionally, short-term rotes payabie are used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $25,000. The company uses a perpetual inventory system. b. On March 1, borrowed $4,000 cash from City Bank and signed a promissory note with a face amount of $54,000, due at the end of six months, accruing interest at an annual rate of 6.00 percent, payable at maturity. Required: 1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation. 2. What amount of cash is paid on the maturify dote of the note? 3. Indicate the impact of each transaction (increase, decrease, and no effect) on the debt-to-assets ratio. Assume Bryant Company had $440,000 in total liabilities and $640.000 in total assets, yielding a debt-to-assets ratio of o.69, prior to each transaction. Complete this question by entering your answers in the tabs below. Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, shortterm notes payable are used to obtain cash for current use. The following transactions were selected from those occurring during the year: a. On January 10, purchased merchandise on credit for $25,000. The company uses a perpetual inventory system. b. On March 1, borrowed $54,000 cash from City Bank and signed a promissory note with a face amount of $54,000, due at the end of six months, accruing interest at an annual rate of 6.00 percent, payable at maturity. Required: 1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation, 2. What amount of cash is paid on the maturity date of the note? 3. Indicate the impact of each transaction (increase, decrease, and no effect) on the debt-to-assets ratio. Assume Bryant Company had $440,000 in total liabilities and $640,000 in total assets, yielding a debt-to-assets ratio of 0.69 , prior to each transaction. Complete this question by entering your answers in the tabs below. What amount of cash is paid on the maturity date of the note? Bryant Company sells a wide range of inventorles, which are initially purchased on account. Occasionally, short-term notes payable are used to obtain cash for current use. The following transactions were selected from those occurring during the ycar: a. On January 10 , purchased merchandise on credit for $25,000. The company uses a perpetual inventory system. b. On March 1, borrowed $54,000 cash from City Bank and signed a promissory note with a face amount of $54,000, due at the end of six months, accruing interest at an annual rate of 6.00 percent, payable at maturity. Required: 1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation. 2. What amount of cash is paid on the maturity date of the note? 3. Indicate the impact of each transaction (increase, decrease, and no effect) on the debt-to-assets ratio. Assume Bryant Compariy had $440,000 in total liabilities and $640,000 in total assets, yielding a debt-to-assets ratio of 0.69 , prior to each transaction. Complete this question by entering your answers in the tabs below. Indicate the impact of each transaction (increase, decrease, and no effect) on the debt-to-assets ratio. Assume Bryant Company had $440,000 in total liabilities and $640,000 in total assets, yielding a debt-to-assets ratio of 0.69 , prior to each transaction. (Round your answers to 2 decimal places.)
