1. Lepid Company has the following account balances at December 31, 2012.
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Notes payable ($80,000 due after 12/31/13) Don't use plagiarized sources. Get Your Custom Essay on
prepare the current liability section of lepid s december 31 2012 balance sheet 337734
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$200,000 |
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Unearned service revenue |
75,000 |
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Other long term debt ($30,000 due in 2013) |
150,000 |
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Salaries and wages payable |
22,000 |
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Other accrued expenses |
15,000 |
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Accounts payable |
100,000 |
In addition, Lepid is involved in a lawsuit. Legal counsel feels it is probable Lepid will pay damages of $38,000 in 2011.
(a) Prepare the current liability section of Lepid’s December 31, 2012, balance sheet.
(b) Lepid’s current assets are $504,000. Compute Lepid’s working capital and current ratio.
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