Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the information from Figure 3-1 to calculate a) The percentage of current liabilities to current assets b) The percentage of total liabilities to total

image text in transcribed

Use the information from Figure 3-1 to calculate a) The percentage of current liabilities to current assets b) The percentage of total liabilities to total assets c) The percentage of current assets to total assets d) The percentage of total owner's equity to total assets. Please provide work/explanation because I'm not understanding this as of this moment. Thank you!

un lle values of those changes. IL 15 Shown in Figure 3-1. FIGURE 3-1 Sample Balance Sheet Assets Current Assets Cash Accounts Receivable Inventory Prepaid Expenses Operating Supplies Long-Term Assets Investments in Subsidiaries Vehicles Land Buildings Capital Equipment Less: Accumulated Depreciation BALANCE SHEET December 31, 20xx Liabilities and Owners' Equity Current Liabilities $ 24,500 Note Payable $86,090 Loans Payable 25,540 128,900 Accounts Payable 38,800 20,050 Taxes Payable 27,600 12,300 Long-Term Liabilities 211,199 Mortgage 178,030 498,200 825,000 Pensions Payable 560,000 93,200 Total Liabilities 1,236,230 86,235 657,000 Owner's Equity 394,500 Stock $707,825 (29,450) Capital Surplus 225,000 Retained Earnings 128,625 $2,297,680 Total Liabilities and Owner's equity $2,297,680 Total Assets

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 Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson

5th Edition

1408030497, 9781408030493

More Books

Students also viewed these Accounting questions