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3 years ago

The accounting records of Compass Point Wireless include the following as of December 31, 2016:

Business

1 answer:

uysha [10]3 years ago

6 0

Answer:

1, Compass Point Wireless

Balance sheet (partial)

Current Liabilities: $

Accounts Payable 71,000

Interest Payable 17,000

Salaries Payable 10,500

Unearned Revenue 2,400

Current Portion of Bonds payable 24,000

Total current Liabilities $ 124,900

Long term Liabilities $

Mortgage Payable 80,000

Bonds Payable 64,000

Premium on Bonds Payable 10,000

Total long term liabilities $154,000

Total liabilities = Total current Liabilities + Total long term liabilities

= $ 124,900 + $154,000

= 278900

2. Debt Stockholders' equity Debt to equity ratio

278,900 160,000 1.74

Note: Debt to equity ratio = Debt / Stockholders' equity

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The accounting records of Compass Point Wireless include the following as of December​ 31, 2016​:

The accounting records of Compass Point Wireless include the following as of December 31, 2016: