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How do I calculate the long-term debt? Jeff Amaro, the CFO of Strategic Automotive, is putting together this years financial statements. He has gathered the

How do I calculate the long-term debt?

Jeff Amaro, the CFO of Strategic Automotive, is putting together this years financial statements. He has gathered the following balance sheet information: The firm had a cash of $23,015, accounts payable of $163,257, retained earnings of $512,159, common stock of $313,299, inventory of $212,444, net plant and equipment of $711,256, goodwill and other assets equal to $78,656, and notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. Calculate the total long-term debt Strategic Automotive owes.

Strategic Automotive
Balance Sheet as of 8/31/2015
ASSETS LIABILITIES & EQUITY
Cash & marketable securities $23,015 Accounts payable & accruals $163,257
Accounts receivable $141,258 Notes payable $21,225
Inventories $212,444
Other current assets $11,223
Total current assets $387,940 Total current liabilities $184,482
Net plant & equipment $711,256 Long-term debt
Goodwill & other assets $78,656 Total liabilities
Common stock $313,299
Retained earnings $512,159
Total common equity
Total Assets $1,177,852 Total Liabilities & Equity

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