Medlen Company, has these account balances at December 31, 2022. In addition, Medlen is involved in a

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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.

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Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

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Question Posted: Jun 29, 2022 03:53 AM

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Medlen Company, has these account balances at December 31, 2022. In addition, Medlen is involved in a

Question:

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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a Current Liabilities as on Dec 31 2017 Notes payabl...View the full answer

Accounting Principles

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