Medlen Company, has these account balances at December 31, 2022. In addition, Medlen is involved in a
Question:
Medlen Company, has these account balances at December 31, 2022.
In addition, Medlen is involved in a lawsuit. Legal counsel feels it is probable Medlen will pay damages of $25,000 in 2023.
a. Prepare the current liabilities section of Medlen's December 31, 2022, balance sheet.
b. Medlen's current assets are $570,000. Compute Medlen's working capital and current ratio.
Transcribed Image Text:
Notes payable ($60,000 due after 12/31/23) Unearned service revenue Other long-term debt ($90,000 due in 2023) Salaries and wages payable Accounts payable $100,000 70,000 250,000 32,000 63,000
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Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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