Homework Answers
Current Assets = Cash + Accounts Receivable
Current Assets = $36,500 + $11,500
Current Assets = $48,000
Net Plant and Equipment = Equipment - Accumulated
Depreciation-Equipment
Net Plant and Equipment = $15,400 - $7,200
Net Plant and Equipment = $8,200
Total Assets = Current Assets + Net Plant and Equipment
Total Assets = $48,000 + $8,200
Total Assets = $56,200
Current Liabilities = Accounts Payable + Salaries and Wages
Payable
Current Liabilities = $4,100 + $3,900
Current Liabilities = $8,000
Long-term Liabilities = Notes Payable
Long-term Liabilities = $3,500
Total Liabilities = Current Liabilities + Long-term
Liabilities
Total Liabilities = $8,000 + $3,500
Total Liabilities = $11,500
Current Ratio = Current Assets / Current Liabilities
Current Ratio = $48,000 / $8,000
Current Ratio = 6.0 : 1
Debt to Assets Ratio = Total Liabilities / Total Assets
Debt to Assets Ratio = $11,500 / $56,200
Debt to Assets Ratio = 0.205 or 20.5%
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