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E4-6 LO 4.3 LO 4.6 SHOW ME HOW Balance Sheet Baggett Company's balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Debit (Credit) $ 17,900) (1,600) (23,000) 57,400 5,000 Account Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock Land Notes Payable (due 2022) Notes Receivable (due 2021) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Debit (Credit) $ (3,800) 1,800 (9,300) 12,200 (6,000) 16,400 12,600 (1,400) (13,100) 7,400 (21,000) 4,600 28,700 Account Additional Paid in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2023) Buildings Sinking Fund to Retire Bonds Payable Advances from Customers (long-term) Cash Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Patents (net) Equipment Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt-to-assets ratio. Wages Payable Common Stock, $10 par (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700)

E4-6 LO 4.3 LO 4.6 SHOW ME HOW Balance Sheet Baggett Company's balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Debit (Credit) $ 17,900) (1,600) (23,000) 57,400 5,000 Account Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock Land Notes Payable (due 2022) Notes Receivable (due 2021) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Debit (Credit) $ (3,800) 1,800 (9,300) 12,200 (6,000) 16,400 12,600 (1,400) (13,100) 7,400 (21,000) 4,600 28,700 Account Additional Paid in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2023) Buildings Sinking Fund to Retire Bonds Payable Advances from Customers (long-term) Cash Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Patents (net) Equipment Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt-to-assets ratio. Wages Payable Common Stock, $10 par (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700)

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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E4-6 LO 4.3 LO 4.6 SHOW ME HOW Balance Sheet Baggett Company's balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Account Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock Land Notes Payable (due 2022) Notes Receivable (due 2021) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Debit (Credit) $ (3,800) 1,800 (9,300) 12,200 (6,000) 16,400 12,600 (1,400) (13,100) 7,400 (21,000) 4,600 28,700 Account Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2023) Buildings Sinking Fund to Retire Bonds Payable Advances from Customers (long-term) Cash Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Patents (net) Equipment Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt-to-assets ratio. Wages Payable Common Stock, $10 par Debit (Credit) $ 17,900) (1,600) (23,000) 57,400 5,000 (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700)
Transcribed Image Text:E4-6 LO 4.3 LO 4.6 SHOW ME HOW Balance Sheet Baggett Company's balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Account Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock Land Notes Payable (due 2022) Notes Receivable (due 2021) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Debit (Credit) $ (3,800) 1,800 (9,300) 12,200 (6,000) 16,400 12,600 (1,400) (13,100) 7,400 (21,000) 4,600 28,700 Account Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts Bonds Payable (due 2023) Buildings Sinking Fund to Retire Bonds Payable Advances from Customers (long-term) Cash Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Patents (net) Equipment Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt-to-assets ratio. Wages Payable Common Stock, $10 par Debit (Credit) $ 17,900) (1,600) (23,000) 57,400 5,000 (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700)
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