Need to fix mistakes in general ledger first. Then balance sheet.
American Laser, Inc., reported the following account balances on January 1 Debit $ 5,00e Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS $ 30,00 90,000 2,000 247,000 10,000 10,000 10,000 120,000 $262,000 $262,000 The company entered into the following transactions during the year Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101 Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $230,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $1e,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Date General Journal Debit Credit Jan 15 Cash 50,000 ,000 45,000 Common Stock Additional Paid-In Capital, Common Stock ,000 Cash Jan 31 3,000 Accounts Receivable 33,000 Feb 15 Treasury Stock 33,000 Cash Mar 15 24,000 Cash 22,000 2,000 Treasury Stock Additional Paid-In Capital, Treasury Stock 4,600 2,000 Aug 15 Cash Additional Paid-In Capital, Treasury Stock 6,600 Treasury Stock 14,600 Sep 15 Dividends 14,600 Dividends Payable 101,000 Oct 01 Cash 1,000 100,000 Premium on Bonds Payable Bonds Payable 2,000 Oct 03 Allowance for Doubtful Accounts 2,000 Accounts Receivable Dec 29 230,000 Cash 230,000 Service Revenue 200,000 Dec 30 Salaries and Wages Expense 10 200,000 Cash 10,000 Dec 31 Depreciation Expense Cash Equivalents 10,000 Dec 31 230,000 12 Service Revenue Salaries and Wages Expense Depreciation Expense Accounts Receivable 200,000 10,000 20,000 14,600 Dec 31 Retained Earnings 13 14,600 Dividends Classified Balance Sheet At December 31 0 0 Total s Answer is not complete. General Ledger General Journal Debt to Assets Ratio Requirement Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. Calculate the debt-to-assets ratio at January 1 and December 31. (Round your answer to 2 decimal places.) Trial Balance Balance Sheet Debt to Assets Ratic oes the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? OMore 0 Less Balance Sheet Debt to Assets Ratio American Laser, Inc., reported the following account balances on January 1 Debit $ 5,00e Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS $ 30,00 90,000 2,000 247,000 10,000 10,000 10,000 120,000 $262,000 $262,000 The company entered into the following transactions during the year Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar. 15 Reissued 2,000 shares of treasury stock for $24,000 cash Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct. 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101 Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded $230,000 of service revenue, all of which was collected in cash. Dec. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $1e,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Date General Journal Debit Credit Jan 15 Cash 50,000 ,000 45,000 Common Stock Additional Paid-In Capital, Common Stock ,000 Cash Jan 31 3,000 Accounts Receivable 33,000 Feb 15 Treasury Stock 33,000 Cash Mar 15 24,000 Cash 22,000 2,000 Treasury Stock Additional Paid-In Capital, Treasury Stock 4,600 2,000 Aug 15 Cash Additional Paid-In Capital, Treasury Stock 6,600 Treasury Stock 14,600 Sep 15 Dividends 14,600 Dividends Payable 101,000 Oct 01 Cash 1,000 100,000 Premium on Bonds Payable Bonds Payable 2,000 Oct 03 Allowance for Doubtful Accounts 2,000 Accounts Receivable Dec 29 230,000 Cash 230,000 Service Revenue 200,000 Dec 30 Salaries and Wages Expense 10 200,000 Cash 10,000 Dec 31 Depreciation Expense Cash Equivalents 10,000 Dec 31 230,000 12 Service Revenue Salaries and Wages Expense Depreciation Expense Accounts Receivable 200,000 10,000 20,000 14,600 Dec 31 Retained Earnings 13 14,600 Dividends Classified Balance Sheet At December 31 0 0 Total s Answer is not complete. General Ledger General Journal Debt to Assets Ratio Requirement Calculate the Debt to Assets Ratio and analyze the impact of the Debt to Assets Ratio. Calculate the debt-to-assets ratio at January 1 and December 31. (Round your answer to 2 decimal places.) Trial Balance Balance Sheet Debt to Assets Ratic oes the company rely more (or less) on debt financing at the end of the year than at the beginning of the year? OMore 0 Less Balance Sheet Debt to Assets Ratio
