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

question 94

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.

Recognize the importance of developing a global mindset and market savviness in leaders.

Identify methods to foster leadership competencies within an organization’s team members.

Understand the purpose and process of closing entries in accounting.

Understand the post-closing trial balance and its significance.

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Water that meets safety standards for consumption without causing health problems.

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