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xtra Credit Opportunity 1 0 Saved Help Save & On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: 1 Credit Debit $ 102,500 36,600 153,300 8,300 133,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 3,190 18900 32,eee 155.ee 31,300 2018 e 145,999 $ 537,099 $ 5000 During January 2018, the following transactions occur: January 1 Borrow $113,eee from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,110 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $112.00e. The 6% bonds pay interest semiannually each June 30 and December 31. January 4 Receive $32,300 from customers on accounts receivable, January 10 Pay cash on accounts payable, $24,000. January 15 Pay cash for salaries, $30,200 January 30 Firework sales for the month total $201,200. Sales include $66,300 for cash and $134,900 on account. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,119 related to the $113,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2018. - Denraristinn nn the hilding for the month of January ie palculated reinn the trainht line mother At the time the buildina wac Prey 1 of 2 Next > Lommon Stock Retained Earnings Totals 218, 145, $ 537.00 $ 537,000 1 During January 2018, the following transactions occur: January 1 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,110 are required at the end of each month for 69 months January 1 Called the bonds at the contractual call price of $113,990. The bonds pay interest semiannually each June 30 and December 31. January 4 Receive $32,308 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24, eee. January 15 Pay cash for salaries, $30,200. January 30 Firework sales for the month total $201,200. Sales include $65, Bee for cash and $134,990 on account. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,119 related to the $113,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2018. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,800. b. At the end of January $4,300 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January c. Unpaid salaries at the end of January are $27,400. d. Accrued income taxes at the end of January are $6,300. General Journal General Ledger Requirement Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis (Calculate the ratios to the nearest 1 decimal place.) Prev 1 of 2 Next > David Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1 Using the information from the requirements above, complete the Analysis (calculate the ratios to the nearest 1 decimal place.) Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1 is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equity ratio is: is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 16 times is the company more or less able to meet interest payments than other companies in the same industry? The times interest earned ratio is is the company more or less able to meet interest payments than other companies? (c) Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate than the average borrowing rate in the industry? Balance Sheet Help 133,000 31,300 Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals 213,000 145,000 $ 537,000 $ 537,000 During January 2018, the following transactions occur: January 1 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,110 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $113,000. The 6% bonds pay interest semiannually each June 30 and December 31 January 4 Receive $32,300 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24,000. January 15 Pay cash for salaries, $30, 200. January 30 Firework sales for the month total $201,200. Sales include $66,300 for cash and $134,900 on account. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,119 related to the $113,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2018. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,800. b. At the end of January. $4,300 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January. c. Unpaid salaries at the end of January are $27,400. d. Accrued income taxes at the end of January are $6,300. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis saved Extra Credit Opportunity 1 0 iria balance Requirement balance sheet Analysis Journal Statement Ledger Using the information from the requirements above, complete the 'Analysis'. (Calculate the ratios to the nearest 1 decimal place.) 1 Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1, is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equily ratio is Is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 16 times, is the company more or less able to meet interest payments than other companies in the same industry? + The times interest earned ratio is: the company more or less able to meet interest payments than other companies? (c) Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate than the average borrowing rate in the industry? Lommon Stock Retained Earnings Totals 218, 145, $ 537.00 $ 537,000 1 During January 2018, the following transactions occur: January 1 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,110 are required at the end of each month for 69 months January 1 Called the bonds at the contractual call price of $113,990. The bonds pay interest semiannually each June 30 and December 31. January 4 Receive $32,308 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24, eee. January 15 Pay cash for salaries, $30,200. January 30 Firework sales for the month total $201,200. Sales include $65, Bee for cash and $134,990 on account. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,119 related to the $113,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2018. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,800. b. At the end of January $4,300 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January c. Unpaid salaries at the end of January are $27,400. d. Accrued income taxes at the end of January are $6,300. General Journal General Ledger Requirement Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis (Calculate the ratios to the nearest 1 decimal place.) Prev 1 of 2 Next > David Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1 Using the information from the requirements above, complete the Analysis (calculate the ratios to the nearest 1 decimal place.) Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1 is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equity ratio is: is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 16 times is the company more or less able to meet interest payments than other companies in the same industry? The times interest earned ratio is is the company more or less able to meet interest payments than other companies? (c) Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate than the average borrowing rate in the industry? Balance Sheet Help 133,000 31,300 Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals 213,000 145,000 $ 537,000 $ 537,000 During January 2018, the following transactions occur: January 1 Borrow $113,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,110 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $113,000. The 6% bonds pay interest semiannually each June 30 and December 31 January 4 Receive $32,300 from customers on accounts receivable. January 10 Pay cash on accounts payable, $24,000. January 15 Pay cash for salaries, $30, 200. January 30 Firework sales for the month total $201,200. Sales include $66,300 for cash and $134,900 on account. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,119 related to the $113,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2018. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,800. b. At the end of January. $4,300 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January. c. Unpaid salaries at the end of January are $27,400. d. Accrued income taxes at the end of January are $6,300. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis saved Extra Credit Opportunity 1 0 iria balance Requirement balance sheet Analysis Journal Statement Ledger Using the information from the requirements above, complete the 'Analysis'. (Calculate the ratios to the nearest 1 decimal place.) 1 Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1, is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equily ratio is Is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 16 times, is the company more or less able to meet interest payments than other companies in the same industry? + The times interest earned ratio is: the company more or less able to meet interest payments than other companies? (c) Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate than the average borrowing rate in the industry?