attached in ss belowthanks or help h1lph14lp1hp15h aprepreciate tipi13tp13t Requirement 1. Show how each relevant item would be reported on the Brilliant Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities.Select the labels and then enter the amounts to complete the classified balance sheet. You will need to determine the total current assets value from the information provided and your calculations. (Abbreviations used: lab.labilities, NP = notes payable, and pay. = payable.)Brilliant Foods, Inc.Partial Balance SheetDecember 31, 2021LossAssotsLess:Interest expense is theRequirement 2. Answer the following questions about Brilliant Food's financial position at December 31, 2021:a. What is the carrying amount of the bonds payable (combine the current and long-term accounts)?b. Why is the interest payable amount so much less than the amount of interest expense?Interest payable is theLiabilitiesRequirement 3. How many times did Brilliant Foods cover its interest expense during 20217 (Round your answer to two decimal places.)Brilliant covered its interest expensetimes.Requirement 4. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Use year-and figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstandinBegin by computing the leverage ratio. Select the formula for the leverage ratio. Then complete the formula and calculate the leverage ratio. (Round your answer to two decimal places.)=Laverage ratioNow, select the formula for the debt ratio. Then complete the formula and calculate the debt ratio. (Round your answer to two decimal places.)Debt ratioEvaluate the health of the company from a leverage point of view. What other information would be helpful in making your evaluation? (Round the ratio to two decimal places.)The company's debt ratio and leverage ratios areand operating income covers interest payments byWith this limited information, the company appears to berisk from a leverage point of view.would also be helpfulsmes. Data tableMortgage note payable,current portionLeases payable (long-term)Bonds payable, long-termMortgage note payablelong-termBonds payable, current portionInterest expenseTotal assets$ 93,000 Accumulated depreciation,equipment461,000375,000Discount on bonds payable(all long-term)318,000150,000 Equipment229,000 Long-term investments(market value)Interest payablePrintOperating incomeDone- X$5,000,000169,00020,000340,000744,000425,00075,000Requirements1. Show how each relevant item would be reported on the Brilliant Foods classified balancesheet. Include headings and totals for current liabilities and long-term liabilities.2. Answer the following questions about Brilliant Food's financial position at December 31,2021:3.4.a. What is the carrying amount of the bonds payable (combine the current and long-termamounts)?b. Why is the interest-payable amount so much less than the amount ofinterest expense?How many times did Brilliant Foods cover its interest expense during 2021?Assume that all of the existing liabilities are included in the information provided.Calculate the leverage ratio and debt ratio of the company. Use year-end figures in placeof averages where needed for the purpose of calculating ratios in this problem. Evaluatethe health of the company from a leverage point of view. Assume the company only hascommon stock issued and outstanding. What other information would be helpful inmaking your evaluation?PrintDone

Classified Balance Sheet is a financial statement which includes Assets and liabilities &…

Data table Mortgage note payable, current portion Leases payable (long-term) Bonds payable, long-term Mortgage note payable long-term Bonds payable, current portion Interest expense Total assets $ 93,000 Accumulated depreciation, equipment Discount on bonds payable (all long-term) 461,000 375,000 318,000 Operating income 150,000 Equipment 229,000 Long-term investments (market value) Interest payable Print Done $ 5,000,000 169,000 20,000 340,000 744,000 425,000 75,000 X Requirements 1. Show how each relevant item would be reported on the Brilliant Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. 2. Answer the following questions about Brilliant Food's financial position at December 31, 2021: a. What is the carrying amount of the bonds payable (combine the current and long-term amounts)? b. Why is the interest-payable amount so much less than the amount of interest expense? 3. How many times did Brilliant Foods cover its interest expense during 2021? 4. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Use year-end figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstanding. What other information would be helpful in making your evaluation? [00 Print Done

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q