ASSETS Current assets Cash Accounts receivable Prepaid rent Total current assets Long-term assets Leasehold improvements Accumulated depreciation Total long-term assets $ 32,800 300 1,000 $73,900 100,000 (2,000) $ 98,000 LIABILITIES Current liabilities Accounts payable Accrued expenses Unearned revenue Total current liabilities Long-term liabilities Total liabilities $ 171,900 OWNERS' EQUITY Retained earnings Common stock Total owners' equity $ 49,000 450 1,000 $ 50,450 99,500 $149,950 $ 11,950 10,000 $21,950 Total liabilities and equity $ 171,900 Total assets Using this information, calculate Jojo's debt-to-total assets ratio. Enter your answer rounded to two decimal places.

ASSETS Current assets Cash Accounts receivable Prepaid rent Total current assets Long-term assets Leasehold improvements Accumulated depreciation Total long-term assets $ 32,800 300 1,000 $73,900 100,000 (2,000) $ 98,000 LIABILITIES Current liabilities Accounts payable Accrued expenses Unearned revenue Total current liabilities Long-term liabilities Total liabilities $ 171,900 OWNERS' EQUITY Retained earnings Common stock Total owners' equity $ 49,000 450 1,000 $ 50,450 99,500 $149,950 $ 11,950 10,000 $21,950 Total liabilities and equity $ 171,900 Total assets Using this information, calculate Jojo's debt-to-total assets ratio. Enter your answer rounded to two decimal places.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.2.1MBA

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