150. On January 1, 2015, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by agreeing to a 6%, 4-year note with the bank. Payments of $704.55 are due at the end of each month with the first installment due on January 31, 2015. Record the issuance of the note payable and the first two monthly payments.
151. Western World has the following selected data ($ in millions):
Balance Sheet Data
2015
2014
Total Assets
$2,511
$2,315
Total Liabilities
1,685
1,525
Total Stockholders’ Equity
826
790
Income Statement Data
Sales
$786
Interest Expense
77
Tax Expense
32
Net Income
80
Based on these amounts, calculate the following ratios for Western World in 2015:
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