Question

cash $ 14,000
unearned revenue 8,650
equipment 11,000
service revenue 8,400
common stock 19,000
advertising expense 1,500
utilities expense 300
rent expense 5,500
accounts payable 1,600
dividends 5,350

lowing accounts and their balances, cal
e repair as of december 31. (enter the ra
he % symbol into the input field.)

ounts and balances.

total liabilities + total assets = debt ratio (stated as a %)
76226 + 92337 = 82.6 %

Explanation:

Identify total liabilities and total assets from the account list

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Calculate the debt ratio

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Answer:

Using the following accounts and their balances, calculate the debt ratio for the company as of December 31. (Enter the ratio as a percent, rounded to one decimal place. Do not enter the % symbol into the input field.)

Total liabilities <blank>10,250</blank> \(\div\) Total assets <blank>25,000</blank> \(=\) Debt Ratio (Stated as a %) <blank>41.0</blank> %