Question
Glen, a CFO of a large corporation notes that the businesss current assets add up to $18,900. Additionally, there is a fleet of trucks which
Glen, a CFO of a large corporation notes that the businesss current assets add up to $18,900. Additionally, there is a fleet of trucks which is listed as a $780,000 debit on the balance sheet (there is also $246,000 of accumulated depreciation). The only other asset is a building which is debited for $1,050,000 (104,000 of accumulated depreciation). The book value of the corporations shares is $920,000 while retained earnings currently have a $210,000 credit balance. How much, in total, does the corporation owe to banks, suppliers, and other parties?
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