The accounting records of Compass Wireless include the following as of December 31, 2018: Requirements 1. Report
Question:
Requirements
1. Report these liabilities on the Compass Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities.
2. Compute Compass Wireless's debt to equity ratio at December 31, 2018.
Transcribed Image Text:
Salaries Payable Bonds Payable (current portion) Premium on Bonds Payable Unearned Revenue (short-term) Accounts Payable $ 74,000 $ 7,500 25,000 13,000 Mortgages Payable (long-term) Interest Payable Bonds Payable (long-term) Total Stockholders' Equity 80,000 21,000 2,700 63,000 145,000
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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