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Using the following information about the family's assets and liabilities, calculate the debt ratio: checking account   $3,000 saving account   $13,000 credit card balance   $5,500 utility' bill $500 home $320,000 mortgage (30 years) $210,000 car $ 25,000 car loan (60month ) $ 18,000 student loan (7years) $25,000 household items $15,000 retirement account $64,000 other assets $39,000

Using the following information about the family's assets and liabilities, calculate the debt ratio: checking account   $3,000 saving account   $13,000 credit card balance   $5,500 utility' bill $500 home $320,000 mortgage (30 years) $210,000 car $ 25,000 car loan (60month ) $ 18,000 student loan (7years) $25,000 household items $15,000 retirement account $64,000 other assets $39,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.7P
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Question 14

 

Using the following information about the family's assets and liabilities, calculate the debt ratio:

checking account   $3,000

saving account   $13,000

credit card balance   $5,500

utility' bill $500

home $320,000

mortgage (30 years) $210,000

car $ 25,000

car loan (60month ) $ 18,000

student loan (7years) $25,000

household items $15,000

retirement account $64,000

other assets $39,000

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