Question text Chongo Co. had the following balances reported on their December 31st 20x9 financial statements:...
Question text
Chongo Co. had the following balances reported on their December 31st 20x9 financial statements:
|
Mortgage payable |
$911987 |
|
Total Assets |
$4049994 |
|
Long-term bank loan |
$815132 |
|
Accounts payable |
$543170 |
|
Other current liabilities |
$217073 |
What is the debt-to-equity ratio for Chongo Co. using the
information above? Debt is defined as long-term liabilities only.
All of the company’s liabilities are listed above.
Select one:
a. 1.59
b. 1.11
c. 0.43
d. 0.61
Homework Answers
Calculation of debt equity ratio:
Debt equity ratio= debt/equity
Debt= mortgage payable+ long term bank loan= 911987+815132=
$1727119
Equity= Total assets-(mortgage payable+accounts payable+other current liabilities+long term bank loan)
Equity= 4049994-(911987+543170+217073+815132)= $1562632
Debt equity ratio= 1727119/1562632= 1.11
So correct answer is b) 1.11
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