The accounting records of Directionless Wireless include the following as of Dec

Question

The accounting records of Directionless Wireless include the following as of December 31, 2018: EEB (Click the icon to view the accounting records.) Requirements 1. Report these liabilities on the Directionless Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities 2. Compute Directionless Wireless's debt to equity ratio at December 31, 2018 Requirement 1. Report these liabilities on the Directionless Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities. Directionless Wireless Balance Sheet (Partial) December 31, 2018 Data Table S 73,000 Slries Payable Accounts Payable Mortgages Payable (long-term) Interest Payable 72,000 24,000 65,000 150,000 Bonds Payable (current portion) Premium on Bonds Payable Unearned Revenue (short-term) $ 11,500 25,000 9,000 3,200 Bonds Payable (long-term) Total Stockholders Equity Print Done Plus: Total Liabilities

Explanation / Answer

Directionless Wireless Balance Sheet (Partial) December 31, 2018 Current Liabilities: Accounts Payable 73000 Unearned Revenue 3200 Interest Payable 24000 Salaries Payable 11500 Current Portion of Bonds Payable 25000 Total Current Liabilities 136700 Long­ Term Liabilities: Mortgages Payable 72000 Bonds Payable 65000 Add:Premium on Bonds Payable 9000 74000 Total Long­ Term Liabilities 146000 Total Liabilities 282700 2 Debt to equity ratio = Total liabilities/Total stockholders' equity = 282700/150000 1.88

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