Goodman’s Bees Lodging Corporation had the following financial information for the past accounting period: - Current...
Goodman’s Bees Lodging Corporation had the following financial information for the past accounting period: - Current Liabilities = $286,000 - Long-term Liabilities = $167,500 - Total Fixed Assets = $310,000 - Current ratio = 1.45 Based on the financial information above, what is Goodman’s Bees Lodging Corporation’s debt to total assets ratio for the past accounting year? Group of answer choices .52 .46 .71 .63
Homework Answers
| Current ratio = Current assets / Current liabilities | |
| 1.45 = Current assets / 286000 | |
| Current assets = 1.45 * 286000 | 414700 |
| Total debt = Current liabilities + Long term liabilities = 286000 + 167500 | 453500 |
| Total assets = Total fixed assets + Current assets = 310000 + 414700 | 724700 |
| Debt to total assets ratio = Total debt / Total assets = 453500 / 724700 | 0.63 |
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