Requirement 1. Show how each relevant item would be reported on the Burgess Foods classifed balance sheot includa headings and totals for ourrant liabilitios and lengriarm liablitis Select the labe's and then enter the amounts to complete the classified balance sheet. You will noed to determine the botal curtent assets ralue from the informajion grovided ard your calculations: (Abbreviations used: liab, = liabilises, NP = nolos payable, and pay; = poyable.) 1. Show how each relevant item would be reported on the Burgess Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. 2. Answer the following questions about Burgess Food's financial position at December 31 , 2021: a. What is the carrying amount of the bonds payable (combine the current and long-term amounts)? b. Why is the interest-payable amount so much less than the amount of interest expense? 3. How many times did Burgess Foods cover its interest expense during 2021 ? 4. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Use year-end figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstanding. What other information would be helpful in making your evaluation? Data table Requirement 1. Show how each relevant ittom would be reported on the Burgoss Foods classifed balance sheet. Include headings and totals for current liatilifes and longitem labiities. Select the labels and then enter the amounts to complete the classified balance sheet. You will nod to determine the total eurrert assets value from the informaticn provided and your calculations. (Abbrevistions used: liab, = lablifies, NP = notes payable, and pay = payabie.) 1. Show how each relevant item would be reported on the Burgess Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. 2. Answer the following questions about Burgess Food's financial position at December 31 , 2021: a. What is the carrying amount of the bonds payable (combine the current and long-term amounts)? b. Why is the interest-payable amount so much less than the amount of interest expense? 3. How many times did Burgess Foods cover its interest expense during 2021 ? 4. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Use year-end figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstanding. What other information would be helpful in making your evaluation
