Business, 06.03.2020 15:36 crodriguez87

The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017.

December 31 2016 2017

Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640

Accounts receivable . . . . . . . . . . . 26,240 19,100

Office supplies . . . . . . . . . . . . . . . . 3,160 1,960

Office equipment . . . . . . . . . . . . . . 44,000 44,000

Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000

Building . . . . . . . . . . . . . . . . . . . . . 0 80,000

Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000

Accounts payable . . . . . . . . . . . . . 3,500 33,500

Note payable . . . . . . . . . . . . . . . . . 0 40,000

1. Prepare balance sheets for the business as of December 31, 2016 and 2017. (Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities.) 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the following information: During 2017, the owner invested $35,000 additional cash in the business and withdrew $19,000 cash for personal use. 3. Compute the 2017 year-end debt ratio (in percent and rounded to one decimal).

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