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Given the financial data and ratios listed below for the Atlanta Company, determine what Atlanta Company recorded as Long Term Debt on its 2012 balance
Given the financial data and ratios listed below for the Atlanta Company, determine what Atlanta Company recorded as Long Term Debt on its 2012 balance sheet. (Record your answer without a dollar sign, without commas, and if the answer is a negative number, use the minus sign followed by the number with no spaces between the minus sign and the number - thus record $3,943 as 3943 or negative 18 as -18). Sales $10,000 Gross profit margin 40% Inventory turnover 4 times ratio Net profit margin 8% Average collection 45 days period Return on equity 50% (ROE) Return on assets 20% (ROA) Cash $250 Current ratio 2.5 Accounts payable 30 days days Notes: Of total sales, 80 percent are on credit; 20% Notes: Of total sales, 80 percent are on credit; 20% are cash sales. Use COGS for inventory turnover ratio. Assume a 360 day year. Atlanta Company Balance Sheet for Year Ending December 31, 2012 Cash Accounts receivable Inventory Net fixed assets Total assets Notes payable Accounts payable Long-term debt Equity Total liab. & equity
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