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Balance Sheet - The balance sheet accounts and amounts of the Baggett Company as of December 31, 2007 are shown in random order as follows:
Account
Debit (Credit)
Income taxes payable
$3,800
Premium on preferred stock
$7,900
Prepaid items
1,800
Allowance for doubtful accounts
1,600
Premium on common stock
9,300
Bonds payable (due 2017)
23,000
Land
12,200
Buildings
57,400
Notes payable (due 2010)
6,000
Sinking fund to retire bonds payable
5,000
Notes receivable (due 2009)
16,400
Advances from customers (long-term)
2,600
Accounts receivable
12,600
Cash
4,300
Premium on bonds payable
1,400
Accumulated depreciation: equipment
9,700
Debit(Credit)
Accounts payable
13,100
Retained earnings
18,300
Inventory
7,400
Preferred stock, $100 par
18,600
Accumulated depreciation: buildings
21,000
Wages payable
Patents (net)
4,600
Common stock, $10 par
12,700
Equipment
28,700
Required
1. Prepare a December 31, 2007 balance sheet for the Baggett Company.
2. Compute the debt ratio.
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