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A firms financial statements showed sales of $250,000, a cash balance of $20,000, accounts
payable of $160,000, common stock of $300,000, retained earnings of $500,000, inventory of
$300,000, goodwill and other assets equal to $75,000, net plant and equipment of $600,000, and
short-term notes payable of $20,000. It also had operating expenses of $55,000, accounts
receivable of $140,000 and other current assets of $10,000. Assuming no other balance sheet
entries, how much long-term debt would the firm have for the balance sheet to balance?

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A firm�s financial statements showed sales of $250,000, a cash balan.pdf

  • 1. A firms financial statements showed sales of $250,000, a cash balance of $20,000, accounts payable of $160,000, common stock of $300,000, retained earnings of $500,000, inventory of $300,000, goodwill and other assets equal to $75,000, net plant and equipment of $600,000, and short-term notes payable of $20,000. It also had operating expenses of $55,000, accounts receivable of $140,000 and other current assets of $10,000. Assuming no other balance sheet entries, how much long-term debt would the firm have for the balance sheet to balance?