Account Balance* $ 19,400 66,200 49,400 147,800 61,400 2,000 2,600 27,800 ? 458,000 54,200 134,000 114, 200 54,200 ? 26,600 80,600 Account Description Accounts payable Accounts receivable Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable Allowance for doubtful accounts Cash Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $8.60; market price per share on March 31, 2020, was $9.80 Equipment Income tax payable Notes payable** Patent Prepaid rent Retained earnings Unearned revenues Vehicles Equity Contributed capital Common shares, 100,000 shares authorized, 25,000 shares ✓ 215,000 issued 215,000 x Retained earnings 430,000 Total equity $ 666,200 Total liabilities and equity Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) Asset financed by equity % $
Account Balance* $ 19,400 66,200 49,400 147,800 61,400 2,000 2,600 27,800 ? 458,000 54,200 134,000 114, 200 54,200 ? 26,600 80,600 Account Description Accounts payable Accounts receivable Accumulated amortization, patent Accumulated depreciation, equipment Accumulated depreciation, vehicles Advertising payable Allowance for doubtful accounts Cash Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $8.60; market price per share on March 31, 2020, was $9.80 Equipment Income tax payable Notes payable** Patent Prepaid rent Retained earnings Unearned revenues Vehicles Equity Contributed capital Common shares, 100,000 shares authorized, 25,000 shares ✓ 215,000 issued 215,000 x Retained earnings 430,000 Total equity $ 666,200 Total liabilities and equity Analysis Component: 1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.) Asset financed by debt % 2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.) Asset financed by equity % $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Account
Balance*
$ 19,400
66,200
49,400
147,800
61,400
2,000
2,600
27,800
?
458,000
54,200
134,000
114, 200
54,200
?
26,600
80,600
Account Description
Accounts payable
Accounts receivable
Accumulated amortization, patent
Accumulated depreciation, equipment
Accumulated depreciation, vehicles
Advertising payable
Allowance for doubtful accounts
Cash
Common shares, 100,000 shares authorized; 25,000 shares were issued at
an average price of $8.60; market price per share on March 31, 2020,
was $9.80
Equipment
Income tax payable
Notes payable**
Patent
Prepaid rent
Retained earnings
Unearned revenues
Vehicles
Equity
Contributed capital
Common shares, 100,000 shares authorized, 25,000 shares
✓
215,000
issued
215,000 x
Retained earnings
430,000
Total equity
$
666,200
Total liabilities and equity
Analysis Component:
1. What percentage of the assets is financed by debt? (Round the final answer to 2 decimal places.)
Asset financed by debt
%
2. What percentage of the assets is financed by equity? (Round the final answer to 2 decimal places.)
Asset financed by equity
%
$
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