Under SFAS No. 13, lessees prefer to account for their leases as operating leases because (select the best answer): a. This decreases the amount of liability reported b. This decreases their debt to total equity ratio c. This increases their Return on Assets d. All of the above

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The mayflower, a seafood restaurant, had the following liabilities by the end of 2015: accounts payable $60,000 wages payable $100,000 unearned revenue $125,000 (60% will be earned in 2016) notes payable $140,000 ($45,000 payable in 2016) what is the amount that the mayflower should report as total current liability on its balance sheet as of december 31, 2015?

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