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Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage

Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage
**Balance Sheet as of December 31, 2024** **ASSETS** _Current Assets_ - **Checking/Savings** - **Checking (10100):** $46,969.10 (8.1%) - **Savings (10300):** $17,910.19 (3.1%) - **Petty Cash (10400):** $3,500.00 (0.6%) - **Total Checking/Savings:** $68,379.29 (11.8%) - **Accounts Receivable** - **Accounts Receivable (11000):** $93,007.93 (16.1%) - **Other Current Assets** - **Interest Receivable (11100):** $400.00 (0.1%) - **Undeposited Funds (12000):** $2,440.00 (0.4%) - **Inventory Asset (12100):** $13,258.38 (2.3%) - **Employee Advances (12800):** $832.00 (0.1%) - **Pre-paid Insurance (13000):** $3,901.77 (0.7%) - **Retainage Receivable (13400):** $3,703.02 (0.6%) - **Total Other Current Assets:** $24,535.17 (7.3%) _Total Current Assets:_ $203,346.79 (35.2%) _Fixed Assets_ - **Furniture and Equipment (15000):** $34,326.00 (5.9%) - **Vehicles (15100):** $78,936.91 (13.7%) - **Buildings and Improvements (15200):** $325,000.00 (56.2%) - **Construction Equipment (15300):** $15,300.00 (2.6%) - **Land (16900):** $90,000.00 (15.6%) - **Accumulated Depreciation (17000):** -$170,344.60 (-29.5%) - **Total Fixed Assets:** $373,218.31 (64.5%) _Other Assets_ - **Security Deposits (18700):** $1,720.00 (0.3%) _Total Other Assets:_ $1,720.00 (0.3%) **TOTAL ASSETS:** $578,285.
Transcribed Image Text:**Balance Sheet as of December 31, 2024** **ASSETS** _Current Assets_ - **Checking/Savings** - **Checking (10100):** $46,969.10 (8.1%) - **Savings (10300):** $17,910.19 (3.1%) - **Petty Cash (10400):** $3,500.00 (0.6%) - **Total Checking/Savings:** $68,379.29 (11.8%) - **Accounts Receivable** - **Accounts Receivable (11000):** $93,007.93 (16.1%) - **Other Current Assets** - **Interest Receivable (11100):** $400.00 (0.1%) - **Undeposited Funds (12000):** $2,440.00 (0.4%) - **Inventory Asset (12100):** $13,258.38 (2.3%) - **Employee Advances (12800):** $832.00 (0.1%) - **Pre-paid Insurance (13000):** $3,901.77 (0.7%) - **Retainage Receivable (13400):** $3,703.02 (0.6%) - **Total Other Current Assets:** $24,535.17 (7.3%) _Total Current Assets:_ $203,346.79 (35.2%) _Fixed Assets_ - **Furniture and Equipment (15000):** $34,326.00 (5.9%) - **Vehicles (15100):** $78,936.91 (13.7%) - **Buildings and Improvements (15200):** $325,000.00 (56.2%) - **Construction Equipment (15300):** $15,300.00 (2.6%) - **Land (16900):** $90,000.00 (15.6%) - **Accumulated Depreciation (17000):** -$170,344.60 (-29.5%) - **Total Fixed Assets:** $373,218.31 (64.5%) _Other Assets_ - **Security Deposits (18700):** $1,720.00 (0.3%) _Total Other Assets:_ $1,720.00 (0.3%) **TOTAL ASSETS:** $578,285.
### Balance Sheet Explanation **Company:** Liann Torontas Exercice 10.5 Rock Castle Construction **Date:** As of December 31, 2024 #### Liabilities **Current Liabilities** - **Payroll Liabilities (Account 24000)** - Federal Withholding: $1,364.00 (0.2%) - FICA Payable: $2,118.82 (0.4%) - FUTA Payable: $100.00 (0.0%) - State Withholding: $299.19 (0.1%) - SUTA Payable: $81.13 (0.0%) - State Disability Payable: $48.13 (0.0%) - Worker's Compensation: $1,214.31 (0.2%) - Employee Health Insurance Payable: $1,500.00 (0.3%) - **Total Payroll Liabilities:** $5,404.45 (0.9%) - **Sales Tax Payable (Account 25500):** $957.63 (0.2%) - **Total Other Current Liabilities:** $11,362.08 (2.0%) **Total Current Liabilities:** $38,475.82 (6.7%) **Long Term Liabilities** - Loan - Vehicles (Van): $10,501.47 (1.8%) - Loan - Vehicles (Utility Truck): $19,936.91 (3.4%) - Loan - Vehicles (Pickup Truck): $22,961.91 (4.0%) - Loan - Construction Equipment: $13,913.01 (2.4%) - Loan - Furniture/Office Equip: $1,000.00 (0.2%) - Mortgage - Amityville: $22,370.90 (3.9%) - Mortgage - Office Building: $296,283.00 (51.2%) **Total Long Term Liabilities:** $386,966.91 (66.9%) **Total Liabilities:** $425,442.73 (73.6%) #### Equity - Opening Balance Equity (Account 30000): $38,773.75 (6.7%) - Capital Stock (Account 30100): $500.00 (0.1%) - Retained Earnings (Account 32000): $61,756.76 (10.7%)
Transcribed Image Text:### Balance Sheet Explanation **Company:** Liann Torontas Exercice 10.5 Rock Castle Construction **Date:** As of December 31, 2024 #### Liabilities **Current Liabilities** - **Payroll Liabilities (Account 24000)** - Federal Withholding: $1,364.00 (0.2%) - FICA Payable: $2,118.82 (0.4%) - FUTA Payable: $100.00 (0.0%) - State Withholding: $299.19 (0.1%) - SUTA Payable: $81.13 (0.0%) - State Disability Payable: $48.13 (0.0%) - Worker's Compensation: $1,214.31 (0.2%) - Employee Health Insurance Payable: $1,500.00 (0.3%) - **Total Payroll Liabilities:** $5,404.45 (0.9%) - **Sales Tax Payable (Account 25500):** $957.63 (0.2%) - **Total Other Current Liabilities:** $11,362.08 (2.0%) **Total Current Liabilities:** $38,475.82 (6.7%) **Long Term Liabilities** - Loan - Vehicles (Van): $10,501.47 (1.8%) - Loan - Vehicles (Utility Truck): $19,936.91 (3.4%) - Loan - Vehicles (Pickup Truck): $22,961.91 (4.0%) - Loan - Construction Equipment: $13,913.01 (2.4%) - Loan - Furniture/Office Equip: $1,000.00 (0.2%) - Mortgage - Amityville: $22,370.90 (3.9%) - Mortgage - Office Building: $296,283.00 (51.2%) **Total Long Term Liabilities:** $386,966.91 (66.9%) **Total Liabilities:** $425,442.73 (73.6%) #### Equity - Opening Balance Equity (Account 30000): $38,773.75 (6.7%) - Capital Stock (Account 30100): $500.00 (0.1%) - Retained Earnings (Account 32000): $61,756.76 (10.7%)
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