Mills Geothermal Ltd. installs environmental heating/cooling systems. The company's 2014 revenues totalled $360 million, and at December

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Mills Geothermal Ltd. installs environmental heating/cooling systems. The company's 2014 revenues totalled $360 million, and at December 31, 2014, the company had $65 million in current assets. The December 31, 2014, balance sheet reported the liabilities and shareholders' equity as follows:

Mills Geothermal Ltd. installs environmental heating/cooling systems. The company's 2014

Requirements
1. Describe each of Mills Geothermal Ltd.'s liabilities, and state how the liability arose.
2. What were the company's total assets at December 31, 2014? Was the company's debt ratio at the end of 2014 high, low, or in a middle range?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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