Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 7.00

Goblin Company

Goblin Company, has the following account balances at December 31, 2012.
Notes payable ($60,000 due after 12/31/13)……………. $100,000
Unearned service revenue………………………………. 70,000
Other long-term debt ($90,000 due in 2013)…………… 250,000
Salaries and wages payable…………………………….. 32,000
Accounts payable………………………………………. 63,000
In addition, Goblin is involved in a lawsuit. Legal counsel feels it is probable Goblin will pay damages of $85,000 in 2013.
(a) Prepare the current liability section of Goblin’s 12/31/12 balance sheet.
(b) Goblin’s current assets are $570,000. Compute Goblin’s working capital and current ratio.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 09:07 AM My Price 7.00

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