Homework Answers
Calculate the debt ratio.
| Total Liabilities | / | Total assets | = | Debt ratio |
| $11,340 | / | $27,000 | = | 42% |
Total liabilities = Unearned revenue + Accounts payable
= $9,740 + $1,600
= $11,340
Total assets = Cash + Equipment
= $4,000 + $23,000
= $27,000
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