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Jake Hill, M.D., reported the following trial balance as of September 30, 2018: EB (Click the icon to view the trial balance.,) Calculate the debt ratio for Jake Hill, M.D. Select the debt ratio formula on the first line and then calculate the ratio. (Round the percentage to the nearest Debt ratio
Jake Hill, M.D. Trial Balance September 30, 2018 Balance Account Title Debit Credit S 40,000 7,100 2,900 22,000 100,000 29,000 Cash Accounts Receivable Office Supplies Land Building Office Equipment Accounts Payable Utilities Payable Unearned Revenue 2,300 600 5,610 PrintDone
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Answer #1
Ans. Debt ratio   =    Total liabilities / Total assets
8510 / 201000
0.042338308
or 4%
*Calculation of Total liabilities & Total assets:
Total liabilities = Accounts payable + Utilities payable + Unearned revenue
2300 + 600 + 5610
8510
Total assets   = Cash + Accounts receivables + Office supplies + Land + Building + Office equipment
40000 + 7100 + 2900 + 22000 + 100000 + 29000
201000
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