Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with the parts I got wrong? Thanks Birtle Corporation reports the following statement of financial position information for 2017 and 2018.

Can someone help me with the parts I got wrong?

Thanks

image text in transcribed

Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION 2017 and 2018 Statement of Financial Position Assets 2017 2018 2017 Current assets Cash $ 9,279 $ 11,173 Current liabilities Accounts payable Notes payable $ 41,060 16, 157 Accounts receivable 23,683 42,636 25,760 46,915 Inventory Total $ 75,598 $ 83,848 Total $ 57,217 $ 40,000 Long-term debt Fixed assets Owners' equity Net plant and equipment $272,047 $297,967 Common stock and paid-in surplus Retained earnings $ 50,000 200,428 $250,428 Total Total assets $347,645 $381,815 Total liabilities and owners' equity $347,645 f. Calculate the total debt ratio and long-term debt ratio for each year. (Round the final answers to 3 decimal places.) 2017 2018 Total debt ratio 0.280 times 0.250 times Long-term debt ratio 0.120 times 0.090 times Liabilities and Owners' Equity 2018 $ 43,805 16,843 $ 60,648 $ 35,000 $ 50,000 236, 167 $286, 167 $381,815

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

The Oxford Handbook Of State Capitalism And The Firm

Authors: Mike Wright, Geoffrey T. Wood, Alvaro Cuervo-Cazurra, Pei Sun, Ilya Okhmatovskiy, Anna Grosman

1st Edition

0198837364, 978-0198837367

More Books

Students also viewed these Finance questions