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The following balances and amounts were taken from the financial statements of Ortiz, Inc. Accounts payable Accounts receivable Average common shares Average current liabilities Total assets Average total assets Cash $35,000 60% 40% 20% 30% 37,500 20,000 110,000 600,000 320,000 100,000 How much is the debt to assets ratio? Cash provided by operations Net income Salaries and wages payable Stockholders' equity Total current assets Total current liabilities $90,000 36,000 8,000 240,000 300,000 120,000

The following balances and amounts were taken from the financial statements of Ortiz, Inc. Accounts payable Accounts receivable Average common shares Average current liabilities Total assets Average total assets Cash $35,000 60% 40% 20% 30% 37,500 20,000 110,000 600,000 320,000 100,000 How much is the debt to assets ratio? Cash provided by operations Net income Salaries and wages payable Stockholders' equity Total current assets Total current liabilities $90,000 36,000 8,000 240,000 300,000 120,000

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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The following balances and amounts were taken from the financial statements of Ortiz, Inc. Accounts payable Accounts receivable Average common shares Average current liabilities Total assets Average total assets Cash $35,000 60% 40% 20% 30% 37,500 20,000 110,000 600,000 320,000 100,000 How much is the debt to assets ratio? Cash provided by operations Net income Salaries and wages payable Stockholders' equity Total current assets Total current liabilities $90,000 36,000 8,000 240,000 300,000 120,000
Transcribed Image Text:The following balances and amounts were taken from the financial statements of Ortiz, Inc. Accounts payable Accounts receivable Average common shares Average current liabilities Total assets Average total assets Cash $35,000 60% 40% 20% 30% 37,500 20,000 110,000 600,000 320,000 100,000 How much is the debt to assets ratio? Cash provided by operations Net income Salaries and wages payable Stockholders' equity Total current assets Total current liabilities $90,000 36,000 8,000 240,000 300,000 120,000
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