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Spring 2020 Section 902 (1) Kaitlin Cavallo | 01/29/20 1:55 PM Save HW Score: 22.22%, 2 of 9 pts Homework: Chapter 2 part B homework Score: 0 of 1 pt 9 of 9 12 complete) E2-28 (similar to) Joseph Hilton, M.D., reported the following trial balance as of September 30, 2018 (Click the icon to view the trial balance.) Question Help Calculate the debt ratio for Joseph Hilton, MD. Select the debt ratio formula on the first line and then calculate the ratio Round the percentage to the nearest whole percent.) Debt ratio Choose from any list or enter any number in the input fields and then click Check Answer All parts showing Clear All

Answer 1

Answer Total Debt/ 96096.00 Total Assets 182,300.00 = debt ratio 53% Debt Ratio Total Debt Total Assets 1,500.00 600.00 11,996.00 82,000.00 96,096.00 Total Debt Accounts Payable Utilities payable Unearned Revenue Note Payable Total Debt = Total Assets Cash Accounts Receivable Land Building Office Equipment Total Assets = Debt Ratio = 35,000.00 7,300.00 26,000.00 90,000.00 24,000.00 182,300.00 53%

34,604.00 Working Notes 1 Balancesheet Equity & Liabilities Amount Assets Accounts Payable 1,500.00 Cash Utilities payable 600.00 Accounts Receivable Unearned Revenue 11,996.00 Land Note Payable 82,000.00 Building Common Stock 130,000.00 Office Equipment Retained Earnings (43,796.00) 182,300.00 total Amount 35,000.00 7,300.00 26,000.00 90,000.00 24,000.00 2 Income Statement Service Revenue Salaries 23,600.00 Utilities 500.00 Advertising 800.00 Office Supplies 2,500.00 Profit 27,400.00 7,204.00 total 182,300.00