Question

Category	Prior year	Current year
Accounts payable	41,400	45,000
Accounts receivable	115,200	122,400
Accruals	16,200	13,500
Additional paid in capital	200,000	216,660
Cash	???	???
Common Stock @ par value	37,600	42,000
COGS	131,400	174,020.00
Depreciation expense	21,600	22,237.00
Interest expense	16,200	16,207.00
Inventories	111,600	115,200
Long-term debt	135,000	138,111.00
Net fixed assets	377,019.00	399,600
Notes payable	59,400	64,800
Operating expenses (excl. depr.)	50,400	66,669.00
Retained earnings	122,400	136,800
Sales	255,600	335,862.00
Taxes	9,900	19,078.00

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

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Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))

Answer 1

Balance Sheet for Current Year				Common Size Balance Sheet
Cash	19,611	Accounts Payable	45,000		Accounts Payable	6.85%
Account receivable	1,22,400	Accruals	13,500		Accruals	2.06%
Inventories	1,15,200	Notes Payable	64,800		Notes Payable	9.87%
Net Fixed Asset	3,99,600	Long Term Debt	1,38,111		Long Term Debt	21.03%
		Common Stock Par Value	42,000		Common Stock Par Value	6.39%
		Additional Paid in Capital	2,16,600		Additional Paid in Capital	32.98%
		Retained Earnings	1,36,800		Retained Earnings	20.83%
Total Asset	6,56,811	Total Liabilities and Equity	6,56,811		Total Liabilities and Equity	100.00%
Balance sheet is prepared as per given data.
Total Libilities and Equity = $ 656,811
Long term Debt = $ 138,111
Long term debt on common size balance sheet = $ 138,111/$ 656,811
Long term debt on common size balance sheet = 21.03%