Reference no: EM131809489
Calculate the equity ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = 28,000. Round to two decimal places.
The Answer is: 68.65% or 0.68
The formula for Equity Ratio is:
Equity Ratio = Total Equity
Total Assits
Cash$14,870
Accounts Receivable $22,108
Supplies$ 927
Prepaid$ 3,010
Equipment$62,150
Accum Deprecation ($13,750)
Total Assets$89,315
Accounts Payable $28,000
Total Liabilities$28,000
Assets - Liabilities = Equity
$89,315 - $28,000 = $61,315
Equity Ratio = Total Equity $61,315
Total Assets $89,315 = 0.6865028 x 100 - 68.65028 % rounded to 68.65%
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