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Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage

Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.3BE: Journalize period payroll The payroll register of Heritage Co. indicates 3,900 of social security...
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Calculate the debt ratio total liabilities/ total assets for Rock Castle Construction. What’s the percentage
2/15/24 Balance Sheet As of December 31, 2024 ccrual Basis Dec 31, 24 % of Column ASSETS Current Assets Checking/Savings 10100 - Checking 10300 · Savings 10400 · Petty Cash 8.1% 3.1% 46,969.10 17,910.19 3,500.00 0.6% Total Checking/Savings 68,379.29 11.8% Accounts Receivable 11000 · Accounts Receivable 93,007.93 16.1% Total Accounts Receivable 93,007.93 16.1% Other Current Assets 11100 - Interest Receivable 12000 · Undeposited Funds 12100 · Inventory Asset 12800 · Employee Advances 13100 Pre-paid Insurance 13400 Retainage Receivable 0.1% 400.00 2.440.00 30,683.38 832.00 3,901.17 3,703.02 0.4% 5.3% 0.1% 0.7% 0.6% Total Other Current Assets 41,959.57 7.3% Total Current Assets 203,346.79 35.2% Fixed Assets 15000 · Furniture and Equipment 15100 - Vehicles 34,326.00 78,936.91 5.9% 13.7% 15200 Buildings and Improvements 15300 - Construction Equipment 16900 - Land 17000 · Accumulated Depreciation 325,000.00 15.300.00 90,000.00 -170,344.60 56.2% 2.6% 15.6% -29.5% Total Fixed Assets 373,218.31 64.5% Other Assets 18700 - Security Deposits 1,720.00 0.3% Total Other Assets 1,720.00 0.3% TOTAL ASSETS 578,285.10 100.0% LIABILITIES & EQUITY Liabilities Current Liablities Accounts Payable 20000 - Accounts Payable 26,636.92 4.6% 26,636.92 4.6% Total Accounts Payable Credit Cards 20500 · QuickBooks Credit Card 20600 - CalOil Credit Card 94.20 382.62 0.0% 0.1% 476.82 0.1% Total Credit Cards Other Current Liabilities 20300 - Interest Payable 21000 - Unearned Revenue 3,000.00 2,000.00 0.5% 0.3%
Transcribed Image Text:2/15/24 Balance Sheet As of December 31, 2024 ccrual Basis Dec 31, 24 % of Column ASSETS Current Assets Checking/Savings 10100 - Checking 10300 · Savings 10400 · Petty Cash 8.1% 3.1% 46,969.10 17,910.19 3,500.00 0.6% Total Checking/Savings 68,379.29 11.8% Accounts Receivable 11000 · Accounts Receivable 93,007.93 16.1% Total Accounts Receivable 93,007.93 16.1% Other Current Assets 11100 - Interest Receivable 12000 · Undeposited Funds 12100 · Inventory Asset 12800 · Employee Advances 13100 Pre-paid Insurance 13400 Retainage Receivable 0.1% 400.00 2.440.00 30,683.38 832.00 3,901.17 3,703.02 0.4% 5.3% 0.1% 0.7% 0.6% Total Other Current Assets 41,959.57 7.3% Total Current Assets 203,346.79 35.2% Fixed Assets 15000 · Furniture and Equipment 15100 - Vehicles 34,326.00 78,936.91 5.9% 13.7% 15200 Buildings and Improvements 15300 - Construction Equipment 16900 - Land 17000 · Accumulated Depreciation 325,000.00 15.300.00 90,000.00 -170,344.60 56.2% 2.6% 15.6% -29.5% Total Fixed Assets 373,218.31 64.5% Other Assets 18700 - Security Deposits 1,720.00 0.3% Total Other Assets 1,720.00 0.3% TOTAL ASSETS 578,285.10 100.0% LIABILITIES & EQUITY Liabilities Current Liablities Accounts Payable 20000 - Accounts Payable 26,636.92 4.6% 26,636.92 4.6% Total Accounts Payable Credit Cards 20500 · QuickBooks Credit Card 20600 - CalOil Credit Card 94.20 382.62 0.0% 0.1% 476.82 0.1% Total Credit Cards Other Current Liabilities 20300 - Interest Payable 21000 - Unearned Revenue 3,000.00 2,000.00 0.5% 0.3%
Balance Sheet 15/24 crual Basis As of December 31, 2024 Dec 31, 24 % of Column 24000 - Payroll Liabilities 24010 · Federal Withholding 24020 · FICA Payable 24040 · FUTA Payable 24050 · State Withholding 24060 - SUTA Payable 24070 · State Disability Payable 24080 - Worker's Compensation 24100 · Emp. Health Ins Payable 1,364.00 2,118.82 100.00 0.2% 299.19 110.00 48.13 1,214.31 150.00 0.4% 0.0% 0.1% 0.0% 0.0% 0.2% 0.0% Total 24000 - Payroll Liabilities 5,404.45 0.9% 25500 · Sales Tax Payable 957.63 0.2% Total Other Current Liabilities 11,362.08 2.0% Total Current Liabilities 38,475.82 6.7% Long Term Liabilities 23000 · Loan - Vehicles (Van) 23100 · Loan - Vehicles (Utility Truck) 23200 · Loan - Vehicles (Pickup Truck) 28100 · Loan - Construction Equipment 28200 · Loan - Furniture/Office Equip 28700 - Note Payable - Bank of Anycity 28900 · Mortgage - Office Building 10,501.47 19,936.91 22,641.00 13,911.32 21,000.00 2,693.21 296,283.00 1.8% 3.4% 3.9% 2.4% 3.6% 0.5% 51.2% Total Long Term Liabilities 386,966.91 66.9% Total Liabilities 425,442.73 73.6% Equity 30000 · Opening Bal Equity 30100 - Capital Stock 32000 · Retained Earnings Net Income 38,773.75 500.00 6.7% 61,756.76 51,811.86 0.1% 10.7% 9.0% Total Equity 152,842.37 26.4% TOTAL LIABILITIES & EQUITY 578,285.10 100.0%
Transcribed Image Text:Balance Sheet 15/24 crual Basis As of December 31, 2024 Dec 31, 24 % of Column 24000 - Payroll Liabilities 24010 · Federal Withholding 24020 · FICA Payable 24040 · FUTA Payable 24050 · State Withholding 24060 - SUTA Payable 24070 · State Disability Payable 24080 - Worker's Compensation 24100 · Emp. Health Ins Payable 1,364.00 2,118.82 100.00 0.2% 299.19 110.00 48.13 1,214.31 150.00 0.4% 0.0% 0.1% 0.0% 0.0% 0.2% 0.0% Total 24000 - Payroll Liabilities 5,404.45 0.9% 25500 · Sales Tax Payable 957.63 0.2% Total Other Current Liabilities 11,362.08 2.0% Total Current Liabilities 38,475.82 6.7% Long Term Liabilities 23000 · Loan - Vehicles (Van) 23100 · Loan - Vehicles (Utility Truck) 23200 · Loan - Vehicles (Pickup Truck) 28100 · Loan - Construction Equipment 28200 · Loan - Furniture/Office Equip 28700 - Note Payable - Bank of Anycity 28900 · Mortgage - Office Building 10,501.47 19,936.91 22,641.00 13,911.32 21,000.00 2,693.21 296,283.00 1.8% 3.4% 3.9% 2.4% 3.6% 0.5% 51.2% Total Long Term Liabilities 386,966.91 66.9% Total Liabilities 425,442.73 73.6% Equity 30000 · Opening Bal Equity 30100 - Capital Stock 32000 · Retained Earnings Net Income 38,773.75 500.00 6.7% 61,756.76 51,811.86 0.1% 10.7% 9.0% Total Equity 152,842.37 26.4% TOTAL LIABILITIES & EQUITY 578,285.10 100.0%
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