The balance in Locksome Company's accounts payable account at December 31 . 2014, was $1,100,000 before considering the following information: • Goods shipped FOB shipping point on December 20, 2014, from a vendor to Locksome were lost in transit. The invoice cost of $20,000 was not recorded by Locksome. On January 6, 2015, Locksome filed a $20,000 claim against the common carrier. • On
December 27, 2014, a vendor authorized Locksome to return, for full credit, goods shipped and billed at $35,000 on December 2, 2014 . The returned goods were shipped by Locksome on December 27, 2014 . A $35,000 credit memo was received and recorded by Locksome on January 6, 2015. What amount should Locksome report as accounts payable in its December 31 . 2014, balance sheet?
a. $1,120,000
b. $1,115,000
c. $1,085,000
d. $1,065,000
C
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Indicate whether the statement is true or false
Feiler Corporation has total current assets of $483,000, total current liabilities of $347,000, total stockholders' equity of $1,057,000, total plant and equipment (net) of $1,031,000, total assets of $1,514,000, and total liabilities of $457,000.The company's current ratio is closest to:
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