e help with current cash debt coverage ratio and cash debt ratio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help with current cash debt coverage ratio and cash debt ratio

Transcribed Image Text:Assets
Cash
Accounts receivable
Inventory
Land
Equipment
Accumulated Depreciation-Equipment
Total
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
Additional information:
1.
2.
3.
December 31
2020
$72,880
84,590
182,590
73,590
262,590
(71,590 )
$604,650
$36,590
150,000
214,000
204,060
$604,650
2019
$ 22,000
68,710
191,710
112,710
202,710
(44,710)
$553,130
$ 49,710
200,000
164,000
139,420
$553,130
Net income for 2020 was $130,180. No gains or losses were recorded in 2020.
Cash dividends of $65,540 were declared and paid.
Bonds payable amounting to $50,000 were retired through issuance of common stock.
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