The balance sheet accounts and amounts of the Baggett Company as of December 31, 2007 are shown
Question:
The balance sheet accounts and amounts of the Baggett Company as of December 31, 2007 are shown in random order as follows:
Required
1. Prepare a December 31, 2007 balance sheet for the Baggett Company.
2. Compute the debtratio.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Debit Credit (3,800 Preium on preferred stodk Debit Credit (7,900) (1,600) (23,000) 57,400 5,000 (2,600) 4,300 (9,700) (18,300) (18,600) (1,400) (12,700) Account Income taxes payable Prepaid items Premium on common stock 1,800 Allowance for doubtful accounts (9,300 Bonds payable (due 2017) 12,200 Buildings (6,000) Sinking fund to retire bonds payable 16,400 Advances from customers (long-term) 12,600 Cash (1,400) Accumulated depreciation: equipment Notes payable (due 2010) Notes receivable (due 2009) Accounts receivable Premium on bonds payable Accounts payable Inventory Accumulated depreciation: buildings (21,000) ges payable Patents (net) Equipment (13,100) Retained earnings Preferred stock, $100 par 7,400 4,600 28,700 Common stock, $10 par
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1 2 Debt ratio Total liabilities Total assets 434 51300 118100 Current Asse...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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