Given the following Year 12 balance sheet data for a footwear company: Balance S

Question

Given the following Year 12 balance sheet data for a footwear company:

Balance Sheet Data Cash on Hand 2,000 Total Current Assets 78,000 Total Assets 330,000 Overdraft Loan Payable 4,000 1-Year Bank Loan Payable 8,000 Current Portion of Long-Term Loans 18,000 Total Current Liabilities 48,000 Long-Term Bank Loans Outstanding 120,000 Shareholder Equity: Year 11 Balance Year 12 Change Common Stock 10,000 0 10,000 Additional Capital 100,000 0 100,000 Retained Earnings 30,000 22,000 52,000 Total Shareholder Equity 140,000 +22,000 162,000

Explanation / Answer

Ans

Details Amount Total Assets 3,30,000 Total Debt Overdraft Loan Payable 4,000 1-Year Bank Loan Payable 8,000 Current Portion of Long-Term Loans 18,000 Long-Term Bank Loans Outstanding 1,20,000 1,50,000 Debt/Total assets=150000/330000         0.455

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