Chocuer Company presented the following data at the end of 2016: Current liabilities $ 300,000 Long-term...
Chocuer Company presented the following data at the end of 2016:
|
Current liabilities |
$ 300,000 |
|
Long-term debt |
1,100,000 |
|
Deferred income taxes |
400,000 |
|
Preferred stock |
160,000 |
|
Common stock |
560,000 |
|
Retained earnings |
540,000 |
Determine the debt-to-total assets ratio for Chocuer Company
(rounded).
Homework Answers
Solution:
Total Liabilities = Current Liability + Long term debt + Deferred income taxes = $300,000 + $1,100,000+ $400,000 = $1,800,000
Total Equity = Preferred Sock + Common Stock + Retained Earnings = $160,000+ $560,000+ $540,000 = $1,260,000
Total Assets = Total Liabilities + Total Equity = $1,800,000+ $1,260,000 = $3,060,000
Debt to total assets ratio = Total Liabilities / Total Assets = $1,800,000 / $3,060,000 = 0.59
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