The accounting records of Compass Point Wireless include the following as of December 31, 2014: Requirements 1.
Question:
The accounting records of Compass Point Wireless include the following as of December 31, 2014:
Requirements
1. Report these liabilities on the Compass Point Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities.
2. Compute Compass Point Wireless’s debt to equity ratio at December 31,2014.
Transcribed Image Text:
Accounts Payable Mortgages Payable (longerm72,000 Interest Payable Bonds Payable (long-term) Total Stockholders' Equity 75,000 Salaries Payable 7,500 17,000 12,000 3,200 Bonds Payable (current portion 17,000 Premium on Bonds Payable 163,000 Uneaned Revenue 170,000
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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