What is the firm's equity? General accounting CalcTech has $1.3 million in current assets and $550,000 in fixedassets less $200,000 in accumulated depreciation. The firm's currentliabilities total $180,000, and the long-term liabilities $205,000.What is the firm's equity?a. $1,300,000b. $1,850,000c. $1,265,000d. $915,000

To calculate the firm's equity, we use the basic accounting equation: Assets = Liabilities + Equity…

Answered: CalcTech has $1.3 million in current…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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CalcTech has $1.3 million in current assets and $550,000 in fixed assets less $200,000 in accumulated depreciation. The firm's current liabilities total $180,000, and the long-term liabilities $205,000. What is the firm's equity? a. $1,300,000 b. $1,850,000 c. $1,265,000 d. $915,000