Question: To find the percent of total debt compared to total assets, divide the total liabilities by the total assets and write in percent form. Find the total debt to total assets for Miss Muffins' Bakery for 2012. Use Exercise.
Exercise: Prepare a balance sheet for Miss Muffins' Bakery for December 31, 2012. The company assets are: cash, $1,985; accounts receivable, $4,219; merchandise inventory, $2,512. The liabilities are: accounts payable, $3,483; wages payable, $1,696. The owner's capital is $3,537.