Using the financial statements for XYZ Clinic, calculate the debt ratio: XYZ Clinic Balance Sheet as...

  

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Using the financial statements for XYZ Clinic, calculate the debt ratio: XYZ Clinic Balance Sheet as of December 31, 2016 ASSETS Current Assets: Cash Marketable securities Net patient accounts receivable Inventories Total Current Assets Long-term investments Property and Equipment Land Buildings and equipment Gross fixed assets Less: Accumulated Depreciation Net Fixed Assets Total Assets $ $ $ $ $ $ 2016 $ $ $ $ 14,202 10,000 28,659 3,457 56,318 49,063 2,564 89,218 91,782 42,300 49,482 $154,863 LIABILITIES AND EQUITY Current Liabilities Accounts payable Notes payable Accrued expenses Total Current Liabilities Long-term debt Total Liabilities Retained Earnings Total Liabilities and Equity 2016 $ 7,022 $4,588 $ 6,549 $ 18,159 $ 88,699 $106,858 $ 48,005 $154,863 XYZ Clinic Income Statements for the Year Ended December 31, 2016 Revenues: Net Patient Service Revenue Other Revenue Expenses: Total Revenues Salaries and Benefits Supplies Insurance Leases Depreciation Interest Total Expenses $ $ $ 2016 187,562 8,059 195,621 $ 135,349 $ 29,274 $ 4,965 $ $ $ 3,298 6,596 5,481 $184,963 Using the financial statements for XYZ Clinic, calculate the debt ratio: XYZ Clinic Balance Sheet as of December 31, 2016 ASSETS Current Assets: Cash Marketable securities Net patient accounts receivable Inventories Total Current Assets Long-term investments Property and Equipment Land Buildings and equipment Gross fixed assets Less: Accumulated Depreciation Net Fixed Assets Total Assets $ $ $ $ $ $ 2016 $ $ $ $ 14,202 10,000 28,659 3,457 56,318 49,063 2,564 89,218 91,782 42,300 49,482 $154,863 LIABILITIES AND EQUITY Current Liabilities Accounts payable Notes payable Accrued expenses Total Current Liabilities Long-term debt Total Liabilities Retained Earnings Total Liabilities and Equity 2016 $ 7,022 $4,588 $ 6,549 $ 18,159 $ 88,699 $106,858 $ 48,005 $154,863 XYZ Clinic Income Statements for the Year Ended December 31, 2016 Revenues: Net Patient Service Revenue Other Revenue Expenses: Total Revenues Salaries and Benefits Supplies Insurance Leases Depreciation Interest Total Expenses $ $ $ 2016 187,562 8,059 195,621 $ 135,349 $ 29,274 $ 4,965 $ $ $ 3,298 6,596 5,481 $184,963

Answer rating: 100% (QA)

The debt ratio is calculated as the ratio of total liabilities to total assets Using the infor... View the full answer