The following data are adapted from the financial statements of Betty's Shops, Inc.. E (Click the icon to view the data.) Prepare Betty's condensed balance sheet as of December 31, 2018. (Round your answers to the nearest whole dollar.) Betty's Shops, Inc. Balance Sheet December 31 2018 Assets Đata Table Total Current Assets Plant Assets Less: Accumulated Depreciation Total Current Assets 24 978,750 Total Assets Accumulated Depreciation 2,100,000 Liabilities Total Liabilities 1,460,000 Total Current Liabilities Preferred Stock Long-term Liabilities Debt Ratio 73% Total Liabilities Current Ratio 1.45 Stockholders' Equity Stockholders' Equity Print Done Total Liabilities and Stockholders' Equity

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Betty's Shops, Inc. Balance Sheet Overview**

**As of December 31, 2018**

The balance sheet provides a snapshot of the financial position of Betty's Shops, Inc. It is divided into three main sections: Assets, Liabilities, and Stockholders' Equity.

### Assets
- **Total Current Assets:** $978,750
- **Plant Assets:** 
  - Accumulated Depreciation: $2,100,000
- **Total Assets:** 
  - This figure will be calculated by summing total current assets and plant assets (after accounting for depreciation).

### Liabilities
- **Total Current Liabilities:** 
- **Long-term Liabilities:** 
- **Total Liabilities:** $1,460,000

### Stockholders' Equity
- **Preferred Stock:** $0
- **Stockholders' Equity:**
- **Total Liabilities and Stockholders' Equity:**
  - This should equal the total assets to balance the sheet.

### Financial Ratios
- **Debt Ratio:** 73%
- **Current Ratio:** 1.45

**Explanation of Graphs/Diagrams**: The sheet contrasts current and long-term financial obligations against assets and equity, providing insight into the company's financial health. Financial ratios like the Debt Ratio and Current Ratio offer quick insights into liquidity and debt management.
Transcribed Image Text:**Betty's Shops, Inc. Balance Sheet Overview** **As of December 31, 2018** The balance sheet provides a snapshot of the financial position of Betty's Shops, Inc. It is divided into three main sections: Assets, Liabilities, and Stockholders' Equity. ### Assets - **Total Current Assets:** $978,750 - **Plant Assets:** - Accumulated Depreciation: $2,100,000 - **Total Assets:** - This figure will be calculated by summing total current assets and plant assets (after accounting for depreciation). ### Liabilities - **Total Current Liabilities:** - **Long-term Liabilities:** - **Total Liabilities:** $1,460,000 ### Stockholders' Equity - **Preferred Stock:** $0 - **Stockholders' Equity:** - **Total Liabilities and Stockholders' Equity:** - This should equal the total assets to balance the sheet. ### Financial Ratios - **Debt Ratio:** 73% - **Current Ratio:** 1.45 **Explanation of Graphs/Diagrams**: The sheet contrasts current and long-term financial obligations against assets and equity, providing insight into the company's financial health. Financial ratios like the Debt Ratio and Current Ratio offer quick insights into liquidity and debt management.
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