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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...

Category Prior Year Current Year
Accounts payable ??? ???
Accounts receivable 320,715 397,400
Accruals 40,500 33,750
Additional paid in capital 500,000 541,650
Cash 17,500 47,500
Common Stock 94,000 105,000
COGS 328,500 430,273.00
Current portion long-term debt 33,750 35,000
Depreciation expense 54,000 54,201.00
Interest expense 40,500 42,805.00
Inventories 279,000 288,000
Long-term debt 339,570.00 398,024.00
Net fixed assets 946,535 999,000
Notes payable 148,500 162,000
Operating expenses (excl. depr.) 126,000 162,475.00
Retained earnings 306,000 342,000
Sales 639,000 847,787.00
Taxes 24,750 48,472.00

What is the current year's entry for long-term debt on a common-sized balance sheet?

The answer is 22.98% but i dont know how to get to it, i try dividing long term debt into common sized balance but it was wrong, so can someone show me how to get to that answer? thank~

Solutions

Expert Solution

The sum of Cash and Accounts Receivables and Net Fixed Assets and Inventories will come out to be total assets which is 1,731,900

Hence, in the common size statement, the ratio of long term debt to total assets is 398,024 / 1,731,900 = 22.98%

Sr No Category Prior Year Current Year
1 Accounts payable ??? ???
2 Accounts receivable 320,715 397,400
3 Accruals 40,500 33,750
4 Additional paid in capital 500,000 541,650
5 Cash 17,500 47,500
6 Common Stock 94,000 105,000
7 COGS 328,500 430,273
8 Current portion long-term debt 33,750 35,000
9 Depreciation expense 54,000 54,201
10 Interest expense 40,500 42,805
11 Inventories 279,000 288,000
12 Long-term debt 339,570 398,024
13 Net fixed assets 946,535 999,000
14 Notes payable 148,500 162,000
15 Operating expenses (excl. depr.) 126,000 162,475
16 Retained earnings 306,000 342,000
17 Sales 639,000 847,787
18 Taxes 24,750 48,472
Total Assets (2 + 5 + 11 +13) 1,731,900
22.98%

jeff jeffy answered 1 month ago
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