1 answer

E2-28 (similar to) John Harris, M. D., reported the following trial balance as of September 30,...

Question:

E2-28 (similar to) John Harris, M. D., reported the following trial balance as of September 30, 2018: E: (Click the icon to v
willpoo) © Data Table the John Harris, M. D. Trial Balance September 30, 2018 Balance Debit Credit 34,000 Account Title Cash
4 of 5 (4 complete) * Data Table 34,000 7,600 2,600 30,000 84,000 28,000 Cash Accounts Receivable Office Supplies Land Buildi
E2-28 (similar to) John Harris, M. D., reported the following trial balance as of September 30, 2018: E: (Click the icon to view the trial balance.) Calculate the debt ratio for John Harris, M. D. Select the debt ratio formula on the first line and then calculate the ratio. (Round the Total liabilities 1 Total assets Debt ratio % =
willpoo) © Data Table the John Harris, M. D. Trial Balance September 30, 2018 Balance Debit Credit 34,000 Account Title Cash Accounts Receivable Office Supplies 7,600 2,600 30,000 84,000 Land 28,000 2,500 900 Building Office Equipment Accounts Payable Utilities Payable Unearned Revenue Notes Payable Common Stock Dividends Sonica Rovanu 17,424 76,000 100,000 56,000 Print Done Clear All
4 of 5 (4 complete) * Data Table 34,000 7,600 2,600 30,000 84,000 28,000 Cash Accounts Receivable Office Supplies Land Building Office Equipment Accounts Payable Utilities Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Utilities Expense 2,500 900 17,424 76,000 100,000 56,000 69,976 23,200 500 900 Advertising Expense Total 266,800 $ 266,800 Print Done

Answers

Solution

Total liabilities / Total assets = Debt ratio
$        96,824.00 / $ 1,86,200.00 = 52.00%

Answer=52% or 52.0%

Working

Total liabilities Total assets
=2500+900+17424+76000 =34000+7600+2600+30000+84000+28000
.

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