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Calculate total debt ratio and long term debt ratio for each ye

Calculate total debt ratio and long term debt ratio for each ye

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 total debt ratio and long term debt ratio for each year.

JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 2021 Liabilities and Owners" Equity Current liabilities Accounts payable Notes payable 2020 Assets Current assets $ 50,000 $68,750 Cash Accounts receivable $ 6,600 12.200 78,200 $ 12,750 14,250 95.250 19.000 35.500 Inventory $ 97,000 $ 122250 $ 69.000 $. 104,250 Total Total Long-term debt $ 48,000 $ 45.000 Owners' equity Common stock and paid-in surplus $50,000 $ 50.000 Retained earnings 233,000 300,750 24 303,000 $4 283,000 350,750 Net plant and equipment $ 377,750 Total 24 400,000 500,000 Total assets Total liabilities and owners' equity 400,000 5000,000
Transcribed Image Text:JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 2021 Liabilities and Owners" Equity Current liabilities Accounts payable Notes payable 2020 Assets Current assets $ 50,000 $68,750 Cash Accounts receivable $ 6,600 12.200 78,200 $ 12,750 14,250 95.250 19.000 35.500 Inventory $ 97,000 $ 122250 $ 69.000 $. 104,250 Total Total Long-term debt $ 48,000 $ 45.000 Owners' equity Common stock and paid-in surplus $50,000 $ 50.000 Retained earnings 233,000 300,750 24 303,000 $4 283,000 350,750 Net plant and equipment $ 377,750 Total 24 400,000 500,000 Total assets Total liabilities and owners' equity 400,000 5000,000
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