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Michael Jones, the CFO of Ivanhoe Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm
Michael Jones, the CFO of Ivanhoe Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,300, accounts payable of $163,500, common stock of $313,500, retained earnings of $512,500, inventory of $212,700, goodwill and other assets equal to $79,000, net plant and equipment of $711,500, and short-term notes payable of $21,400. It also had accounts receivable of $141,500 and other current assets of $11,500. How much long-term debt does Ivanhoe Automotive have? Long-term debt $
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