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Accounts Payable Mortgages Payable (long-term) $ 74,000 80,000 Salaries Payable Bonds Payable (current portion) Premium on Bonds Payable $ 7,500 25,000 13,000 Interest Payable Bornds Payabie (long-term) Total Stockholders' Equity 21,000 63,000 145,000 Unearned Revenue (short-term) 2,700

Accounts Payable Mortgages Payable (long-term) $ 74,000 80,000 Salaries Payable Bonds Payable (current portion) Premium on Bonds Payable $ 7,500 25,000 13,000 Interest Payable Bornds Payabie (long-term) Total Stockholders' Equity 21,000 63,000 145,000 Unearned Revenue (short-term) 2,700

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 8RE
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Reporting liabilities on the balance sheet and computing debt to equity ratio

The accounting records of Compass Wireless include the following as of December 31, 2018:

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.
Accounts Payable Mortgages Payable (long-term) $ 74,000 80,000 Salaries Payable Bonds Payable (current portion) Premium on Bonds Payable $ 7,500 25,000 13,000 Interest Payable Bornds Payabie (long-term) Total Stockholders' Equity 21,000 63,000 145,000 Unearned Revenue (short-term) 2,700
Transcribed Image Text:Accounts Payable Mortgages Payable (long-term) $ 74,000 80,000 Salaries Payable Bonds Payable (current portion) Premium on Bonds Payable $ 7,500 25,000 13,000 Interest Payable Bornds Payabie (long-term) Total Stockholders' Equity 21,000 63,000 145,000 Unearned Revenue (short-term) 2,700
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