Baggett Company’s balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows:

Required:
1. Prepare a December 31, 2019, balance sheet for Baggett.
2. Compute the debt-to-assets ratio.

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Debit (Credit) Debit (Credit) Account Account Income Taxes Payable Prepaid Items Additional Paid-in Capital on Common Stock 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) $ (3,800) 1,800 (9,300) $ (7,900) (1,600) Land Notes Payable (due 2022) Notes Receivable (due 2021) 12,200 (6,000) (23,000) 57,400 5,000 (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700) 16,400 12,600 (1,400) (13,100) Accounts Receivable Premium on Bonds Payable Accounts Payable Inventory Accumulated Depreciation: Buildings Patents (net) Equipment Cash Accumulated Depreciation: Equipment Retained Earnings Preferred Stock, $100 par Wages Payable Common Stock, $10 par 7,400 (21,000) 4,600 28,700