CHAPTER 3 PREPARING FINANCIAL STATEMENTS

not appear on the income statement. Profit Margin ratio and Current ratio . Revised Summer 2012 Page 2 of 27 ... Dec. 31 Interest Expense (amount owed as of year-end) Interest Payable. Revised Summer 2012 Page 4 of 27 ... Wages Payable will be understated by $5,000, so f) Total Liabilities will be understated by $5,000 ................
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