Question
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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