ASSETS Current assets Cash Accounts receivable Prepaid rent Total current assets Long-term assets Leasehold improvements Accumulated depreciation Total long-term assets $ 32,800 300 1,000 $73,900 100,000 (2,000) $ 98,000 LIABILITIES Current liabilities Accounts payable Accrued expenses Unearned revenue Total current liabilities Long-term liabilities Total liabilities $ 171,900 OWNERS' EQUITY Retained earnings Common stock Total owners' equity $ 49,000 450 1,000 $ 50,450 99,500 $149,950 $ 11,950 10,000 $21,950 Total liabilities and equity $ 171,900 Total assets Using this information, calculate Jojo's debt-to-total assets ratio. Enter your answer rounded to two decimal places.
ASSETS Current assets Cash Accounts receivable Prepaid rent Total current assets Long-term assets Leasehold improvements Accumulated depreciation Total long-term assets $ 32,800 300 1,000 $73,900 100,000 (2,000) $ 98,000 LIABILITIES Current liabilities Accounts payable Accrued expenses Unearned revenue Total current liabilities Long-term liabilities Total liabilities $ 171,900 OWNERS' EQUITY Retained earnings Common stock Total owners' equity $ 49,000 450 1,000 $ 50,450 99,500 $149,950 $ 11,950 10,000 $21,950 Total liabilities and equity $ 171,900 Total assets Using this information, calculate Jojo's debt-to-total assets ratio. Enter your answer rounded to two decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![ASSETS
Current assets
Cash
Accounts receivable
Prepaid rent
Total current assets
Long-term assets
Leasehold improvements
Accumulated depreciation
Total long-term assets
$ 32,800
300
1,000
$73,900
100,000
(2,000)
$ 98,000
LIABILITIES
Current liabilities
Accounts payable
Accrued expenses
Unearned revenue
Total current liabilities
Long-term liabilities
Total liabilities
OWNERS' EQUITY
Retained earnings
Common stock
Total owners' equity
$ 49,000
450
1,000
$ 50,450
99,500
$149,950
$ 11,950
10,000
$21,950
$ 171,900
Total liabilities and equity
Total assets
$ 171,900
Using this information, calculate Jojo's debt-to-total assets ratio. Enter your answer rounded to two decimal
places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F506c3f2a-e371-4ce1-aa8d-cf5301d8204a%2F4db4d924-ad18-4db5-b923-ed91b9e74916%2F5m5ouiq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ASSETS
Current assets
Cash
Accounts receivable
Prepaid rent
Total current assets
Long-term assets
Leasehold improvements
Accumulated depreciation
Total long-term assets
$ 32,800
300
1,000
$73,900
100,000
(2,000)
$ 98,000
LIABILITIES
Current liabilities
Accounts payable
Accrued expenses
Unearned revenue
Total current liabilities
Long-term liabilities
Total liabilities
OWNERS' EQUITY
Retained earnings
Common stock
Total owners' equity
$ 49,000
450
1,000
$ 50,450
99,500
$149,950
$ 11,950
10,000
$21,950
$ 171,900
Total liabilities and equity
Total assets
$ 171,900
Using this information, calculate Jojo's debt-to-total assets ratio. Enter your answer rounded to two decimal
places.
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