The Balances for the Accounts of Lance's Consulting Firm,Inc Calculate the Debt Ratio

question 122

Short Answer

The balances for the accounts of Lance's Consulting Firm,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained earnings } & 68,700 \\\text { Office supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting revenue } & 150,000 & \text { Common stock } & 12,900\end{array}$$
Calculate the debt ratio.

Identify different types of chemical reactions, including oxidation-reduction, neutralization, precipitation, and combustion.

Understand the stoichiometric relationships in balanced chemical equations for quantifying reactants and products.

Appreciate the practical implications of stoichiometry in real-world chemical processes.

Understand the specific case of thallium poisoning, including symptoms, and the factors affecting recovery.

---

Definitions:

Employment-At-Will Rule

A legal doctrine stating that an employer can terminate an employee at any time without any reason, as long as it is not unlawful.

Public Policy Exception

An exception to the enforcement of contracts or agreements when they conflict with the public interest or established norms of fairness and justice.

Implied Covenant

A legal promise that is not explicitly stated but is considered a part of a contract to ensure fairness.

Assumption of Risk

A legal principle where an individual knowingly and voluntarily takes on the risks associated with an activity.